Tenerife property: Island capital instead of resort, €591,500 loan in Santa Cruz
Anonymised case from Tenerife: apartment in Santa Cruz de Tenerife, the island capital instead of a resort, €591,500 loan. Mortgage financing for non-residents.
Why do many buyers choose the island capital Santa Cruz instead of a resort?
Many buyers deliberately choose the island capital because it offers all the important everyday amenities year-round and is far less shaped by tourism than many coastal towns. In this case the couple wanted a permanent residence with short distances, excellent infrastructure, cultural amenities and lively city life, and chose an apartment in a modern residential building with a large terrace.
€845,000 price, €591,500 loan for the apartment
The apartment in Santa Cruz de Tenerife cost 845,000 €. The financing required was 591,500 € and the equity 431,350 €.
Work finished after transfer, no extra loan later: All work could be completed immediately after the transfer of ownership, without having to arrange additional financing later.
Arranged by Perini Finance & Property: Perini Finance & Property — German-speaking, operating under the §34i GewO licence held by Olga Nikushkina, Portugal through a locally licensed intermediary; 30+ banks approached per case. First call free; on completion 1 % of the loan amount.
Purchase price: 845,000 €; Financing required: 591,500 €; Equity: 431,350 €.
Anonymised case figure · not a binding statement for other projects · §34i GewO
Typical, anonymised case. Names, places and individual financing figures have been adjusted to protect privacy. The process reflects a typical advisory situation for non-resident financing in Spain.
Santa Cruz de Tenerife: in the middle of life rather than in the middle of tourism: A couple from Frankfurt had originally had the south of Tenerife in mind. During their viewing trip, however, they spent several days in Santa Cruz de Tenerife and quickly realised they were not looking for a classic holiday property.
Instead, they wanted a permanent residence with short distances, excellent infrastructure, cultural amenities and lively city life. In the end they chose a generous apartment in a modern residential building with a large terrace and a view across parts of the city to the Atlantic.
Sale of a German flat plus savings provide the equity
The buyer was a corporate lawyer; his wife headed the European sales of a medical technology company. Both planned to split their work between Germany and Tenerife for a few more years before moving their centre of life to the island entirely.
The equity came mainly from the sale of an apartment in Germany and from many years of savings.
€1,022,850 total, €68,000 for kitchen and smart home
The total investment was 1,022,850 €. Of this, 68,000 € went to the renovation with kitchen, air conditioning, fitted furniture and smart-home system.
Purchase price: 845,000 €; Additional costs: 109,850 €; Renovation (kitchen, air conditioning, fitted furniture and smart-home system): 68,000 €; Total investment: 1,022,850 €; Equity: 431,350 €; Financing required: 591,500 €.
The financing share corresponded to around 70 % of the purchase price.
Fitted kitchen, cooling and smart home within weeks
The apartment was in excellent condition but did not fully match the buyers' ideas.
Planned were a high-quality fitted kitchen, custom-made storage solutions, modern air conditioning and the integration of a smart-home system.
Because the apartment was to be used just a few weeks after purchase, all work had to be planned early.
Every measure costed before the purchase contract: Before the purchase contract was concluded, all planned measures were calculated in detail and included, together with the purchase price and additional costs, in the total investment.
In parallel, a financing plan was drawn up that took into account not only the current income situation but also the later permanent residence on Tenerife.
The buyers deliberately chose to keep part of their assets as a financial reserve.
70% financed, the rest from existing own funds: The financing was set at around 70 % of the purchase price.
The additional costs and a considerable share of equity were paid from existing own funds.
All planned modernisations were also fully included in the overall plan. This meant the apartment could be completed immediately after the transfer of ownership.
Already used for longer stays on the island: Just a few months later, the couple was using the apartment regularly for longer stays on Tenerife.
Today the property offers everything needed for the later permanent move and already meets all the requirements for modern living in a lively island capital.
Santa Cruz: city living instead of a holiday resort
Not every future centre of life has to be in a classic holiday resort. Cities like Santa Cruz offer excellent infrastructure for anyone who wants to live on Tenerife year-round and values short distances and urban life.
Santa Cruz de Tenerife apartment financed while keeping reserves: Buying an apartment in Santa Cruz de Tenerife shows that successful property financing should always be aligned with one's personal life plan. Anyone who uses equity deliberately, takes modernisation into account early and preserves financial reserves creates a solid basis for a permanent home on Tenerife.
A similar situation in Spain? Let's talk. Every financing in Spain is an individual case. In a free initial consultation we will tell you honestly what is feasible and which bank fits.
Anonymised individual case, not a binding statement for other projects · Brokerage under the §34i GewO licence held by Olga Nikushkina (D-W-132-ZUCB-95); Siegfried Perini registered as directly involved person (§11a GewO) · no tax or legal advice · no financing commitment; conditions depend on creditworthiness, loan-to-value and bank
Similar cases by region and price band: Cases with a comparable region and price band — for context, not a promise of the same outcome.
Exclusive villa in Costa Adeje — case report: Anonymised case from Tenerife: exclusive villa in Costa Adeje. Mortgage financing for non-residents.
Frequently asked questions
Why was part of the equity kept?
Sufficient liquidity reserves create financial flexibility and provide security for future developments.
What was the total investment for the apartment in Santa Cruz de Tenerife, and how much of it was financed?
The total investment was 1,022,850 €: purchase price 845,000 €, additional costs 109,850 € and renovation 68,000 €. The financing required was 591,500 €, around 70 % of the purchase price, and the equity was 431,350 €.
Which modernisations were planned for the apartment in Santa Cruz de Tenerife?
Planned were a high-quality fitted kitchen, custom-made storage solutions, modern air conditioning and the integration of a smart-home system. Because the apartment was to be used just a few weeks after purchase, all work had to be planned early.
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Content by Siegfried Perini — local brand representative since 2019, active in real estate since 1992, entered in the German intermediary register (§ 11a GewO) as a person directly involved in brokerage and advice. Point of contact for German-speaking buyers in Spain and Portugal. Brokerage by Olga Nikushkina, mortgage credit intermediary under § 34i German Trade Regulation (GewO); in Portugal through a locally licensed intermediary.