Christodoulides, 49, won 51.92 percent of the vote compared with 48.09 percent for his opponent, who had been backed by the leftist party AKEL, The Guardian reported.
A mere 15,041 ballots had divided the loser from the winner.
“Tonight a long but beautiful journey has come to an end,” said Mavroyiannis, a former chief negotiator in peace talks with Turkish Cypriots, conceding defeat.
“It gave me the opportunity to meet thousands of people and hopes and dreams for our country.”
MNA/PR