Perini Finance & Property §34i GewO · Mortgages in Spain & Portugal
Case report · Gran Canaria

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.

Key figures

At a glance

  • Purchase price: 745.000 €
  • Financing required: 521.500 €
  • Equity: 408.350 €

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 Spanien.

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.

Initial situation

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.

Financing overview

  • 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.

The challenge

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.

Analysis

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.

Financing solution

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 financing from the start. This meant the apartment could be fully modernised directly after the transfer of ownership.

Outcome

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.

What other buyers can learn

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.

FAQ

Frequently asked questions

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.
Why was part of the assets kept?
Sufficient liquidity reserves increase financial security and create room for future developments.

Conclusion

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.

From this theme

More cases on this theme

Theme

Financing renovation alongside the purchase

All cases on this theme at a glance.

To the theme → Mallorca

Practical case Mallorca: Charming finca near Santanyí

Modernisation planned in from the start

To the case report → Mallorca

Practical case Mallorca: Family house in Alcúdia

When the sale of the previous property is part of the financing

To the case report → Mallorca

Practical case Mallorca: Finca with guesthouse in Deià

Two generations realise their dream together

To the case report →
Your contact

A similar situation in Spanien? 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 consultation

Anonymised individual case, not a binding statement for other projects · Siegfried Perini, BAFA-notified for the cross-border activity of the owner Olga Nikushkina · §34i GewO · no tax or legal advice · no financing commitment; conditions depend on creditworthiness, loan-to-value and bank

Read on
Region

Gran Canaria overview

Market analysis, loan-to-value and conditions for the region.

To the region → Calculator

Estimate your financing

Roughly calculate budget, costs and instalment.

To the calculator → Checklist

Purchase checklist

Step by step to buying property in Spain and Portugal.

To the checklist →