Practical case Gran Canaria: Apartment in Maspalomas – Planning retirement in the sun early
The buyer was a division manager at an automotive supplier; his wife worked as a notary. Both had stable incomes, a debt-free home in Germany and a portfolio built up over the long term.
In short
What was this case about?
The buyer was a division manager at an automotive supplier; his wife worked as a notary. Both had stable incomes, a debt-free home in Germany and a portfolio built up over the long term.
Is Maspalomas suitable as a permanent residence?
Many buyers appreciate the quiet residential areas, the good infrastructure and the year-round availability of shops, doctors and leisure activities.
Why were all modernisations carried out immediately?
Because the buyers wanted to use the apartment regularly right after purchase and wanted to avoid later construction work.
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.
€745,000 price, €521,500 loan, €408,350 own funds
- Purchase price: 745.000 €
- Financing required: 521.500 €
- Equity: 408.350 €
Anonymised case figure · not a binding statement for other projects · §34i GewO
The right moment is often years before the actual move
A couple from Ulm had originally planned to buy a property on Gran Canaria only after entering retirement. After talks with friends and several stays on the island, however, they deliberately decided on an earlier purchase.
The idea was simple: enjoy the apartment already today, become familiar with the surroundings and prepare the later move without time pressure.
They chose a generous apartment in a quiet residential complex in Maspalomas – with a large terrace, a lift and short distances to shops and medical care.
Division head and notary, German home fully paid off
The buyer was a division manager at an automotive supplier; his wife worked as a notary. Both had stable incomes, a debt-free home in Germany and a portfolio built up over the long term.
They wanted to contribute enough equity but at the same time keep sufficient financial reserves for the upcoming retirement.
€929,850 in all, financing about 70% of the price
- Purchase price: 745.000 €
- Additional costs: 96.850 €
- Renovation (bathrooms, kitchen, air conditioning and sun protection): 88.000 €
- Total investment: 929.850 €
- Equity: 408.350 €
- Financing required: 521.500 €
The financing share corresponded to around 70 % of the purchase price.
Open kitchen, baths and terrace built to last
The apartment was in well-kept condition but no longer met today's requirements in some areas.
The buyers planned an open-plan kitchen, modern bathrooms, energy-efficient air-conditioning units and a complete redesign of the terrace with shaded seating areas.
Because the property was to be used for many years, the quality and durability of the measures were paramount.
Refurbishment costed upfront, pension years factored in
Before the purchase, all modernisation costs were calculated in detail and included, together with the purchase price and additional costs, in the total investment.
In parallel, a long-term financing plan was drawn up that already took the transition into retirement into account. The aim was a financing that remains comfortably affordable with later pension income too.
70% loan-to-value, purchase costs from own funds
The financing was set at around 70 % of the purchase price.
The additional costs and a considerable part of the purchase price were paid from own funds.
All modernisation measures were part of the overall plan from the start — covered from equity, not by the bank loan. This meant the apartment could be fully modernised directly after the transfer of ownership.
Flat used several times a year, later move needs no more spend
Today the couple already uses the apartment several times a year and has enough time to become familiar with everyday life on Gran Canaria.
The later permanent move can take place without further major investment, as all work has already been completed.
Buy early, refurbish calmly, move later
Anyone planning retirement abroad often benefits from acquiring the property early. This allows modernisation to be carried out at leisure, experience to be gained on site and the later move to be organised much more calmly.
Frequently asked
Is Maspalomas suitable as a permanent residence?
Why were all modernisations carried out immediately?
Why was part of the assets kept?
Maspalomas apartment: planned early rather than left until retirement
Buying an apartment in Maspalomas shows that good property financing is always part of long-term life planning. Anyone who does not postpone the purchase until retirement but plans early, considers modernisation and preserves financial reserves creates the best conditions for a relaxed new start on Gran Canaria.
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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