Apartment in Peñíscola – Moving in two years, buying now
A couple from Bremen, she a HR officer, he an electrical engineer, were planning a complete move to Spain within the next two years. Both wanted to move their centre of life permanently to the Mediterranean and were looking for a property that can also be used comfortably in retirement.
In short
What was this case about?
A couple from Bremen, she a HR officer, he an electrical engineer, were planning a complete move to Spain within the next two years. Both wanted to move their centre of life permanently to the Mediterranean and were looking for a property that can also be used comfortably in retirement.
Why is Peñíscola interesting for owner-occupiers?
Peñíscola offers an extraordinary combination of a historic old town, long sandy beaches, good infrastructure and a quiet living atmosphere all year round.
Can terrace adaptations be part of the financing?
As a rule the Spanish bank does not co-finance modernisation — it belongs in the overall plan: equity or raising capital against German property.
Who arranged this?
Perini Finance & Property — German-speaking, operating under the §34i GewO licence held by Olga Nikushkina, Portugal through a locally licensed intermediary; 15 to 20 banks approached per case. First call free; on completion 1 % of the loan amount.
€524,000 apartment, €340,600 of it through the bank
- Purchase price: 524.000 €
- Renovation: 33.100 €
- Financing required: 340.600 €
- Equity: 279.400 €
Anonymised case figure · not a binding statement for other projects · §34i GewO
Living in one of Spain's most beautiful coastal towns
Peñíscola is one of the best-known places on the Costa del Azahar. The historic old town on the peninsula, the wide sandy beaches and the relaxed atmosphere make the town far more than a classic holiday destination. More and more German-speaking buyers deliberately choose Peñíscola as a permanent place to live, because Mediterranean quality of life, good infrastructure and a manageable town life combine here.
This practical case shows how buying a modern apartment for owner-occupation can be financed durably and soundly.
Two years of lead time, then a move to the Mediterranean
A couple from Bremen, she a HR officer, he an electrical engineer, were planning a complete move to Spain within the next two years. Both wanted to move their centre of life permanently to the Mediterranean and were looking for a property that can also be used comfortably in retirement.
After several viewings they chose a generous apartment with a sea view in a well-kept residential complex on the northern beach of Peñíscola. Decisive were the walking distance to the beach promenade, a lift and the quiet residential setting.
€620,000 total investment and how it is spread
- Purchase price: 524.000 €
- Additional costs: 62.900 €
- Renovation: 33.100 €
- Total investment: 620.000 €
- Equity: 279.400 €
- Financing required: 340.600 €
House sale funds the purchase, part stays as a reserve
The equity came from the sale of a detached house and from long-term savings. Even so, part of the assets was to be deliberately kept as a reserve.
Before moving in, the buyers planned several modernisations so the apartment would optimally meet the requirements of a permanent residence.
Tidy flat; new kitchen, bathroom and a glazed terrace
The property was in well-kept condition. The planned investments mainly served individual design and the improvement of living comfort.
Provided for were a new fitted kitchen, the modernisation of the main bathroom, more energy-efficient air conditioning, custom-made fitted wardrobes in the bedroom and high-quality glazing of the terrace as flexible wind protection for year-round use.
As all measures were calculated before the purchase, they could be fully included in the total investment.
65 % financed, equity preserved for retirement
The financing was set at around 65 % of the purchase price. This kept enough equity for later retirement, while at the same time creating a balanced long-term financing structure.
Alongside the purchase price, all acquisition costs and all planned modernisation measures were included in the overall plan from the outset — covered from equity, not by the bank loan. Later top-up financing was therefore not required.
A flat usable all year, payments fit retirement income
Once the work was completed, a comfortable residence emerged with high everyday practicality and year-round usability. The buyers were able to prepare their move to Spain as planned and still have sufficient financial reserves.
The financing remained easily calculable over the long term and suits the income situation in retirement.
Even good older flats gain from upgrades done first
Apartments in good existing complexes too often benefit from targeted modernisation before moving in. Anyone who takes these investments into account early creates a complete overall calculation and avoids later financial surprises.
For a permanent move abroad in particular, this considerably eases the entire planning.
Frequently asked
Why is Peñíscola interesting for owner-occupiers?
Can terrace adaptations be part of the financing?
Why is financing used despite sufficient equity?
Which properties are especially in demand in Peñíscola?
Peñíscola: a relaxed home base on the Costa del Azahar
Peñíscola combines Mediterranean living with historic charm and a high quality of life. An overall plan that budgets the purchase price, additional costs and all planned modernisation together already at the acquisition — the bank loan for the purchase price, additional costs and modernisation from equity — creates the basis for a long-term, relaxed centre of life on the Costa del Azahar.
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Two generations realise their dream together
A similar situation in Spain? Let's talk.
Every financing in Spanien is an individual case. In a free initial consultation I will tell you honestly what is feasible and which bank fits.
Book a free consultationAnonymised 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