Practical case Gran Canaria: House in Las Palmas de Gran Canaria – Family life in the island capital
The buyers were 42 and 39 years old and had two school-age children. He worked as a division manager at an international logistics company; she was a personnel manager and could carry out her work permanently from home.
At a glance
- Purchase price: 920.000 €
- Financing required: 644.000 €
- Equity: 491.600 €
Anonymised case figure · not a binding statement for other projects · §34i GewO
Not every dream on the Canary Islands begins on the beach
A family from Düsseldorf wanted to move permanently to the Canary Islands. While friends recommended only coastal towns, they deliberately looked for a property in a lively city with schools, doctors, shops and year-round everyday life.
After several days of viewings they chose a modern detached house in a quiet residential district of Las Palmas de Gran Canaria. Proximity to the city centre, to the Las Canteras city beach and to international schools was ultimately decisive.
Initial situation
The buyers were 42 and 39 years old and had two school-age children. He worked as a division manager at an international logistics company; she was a personnel manager and could carry out her work permanently from home.
The home in Germany had already been sold. Part of the sale proceeds was to be used specifically as equity, while sufficient liquidity was to remain for the new start on Gran Canaria.
Financing overview
- Purchase price: 920.000 €
- Additional costs: 119.600 €
- Renovation (photovoltaics, air conditioning, home office and garden): 96.000 €
- Total investment: 1.135.600 €
- Equity: 491.600 €
- Financing required: 644.000 €
The financing share corresponded to around 70 % of the purchase price.
The challenge
The house was well-kept but not yet tailored to the needs of a family who wanted to live there year-round.
Planned were two full home-office workplaces, an energy-efficient photovoltaic system, the redesign of the garden and modern air conditioning of all living areas.
In addition, enough equity was to remain for the move and the first months on the island.
Analysis
Before the purchase, all modernisation costs were fully recorded and calculated together with the purchase price and additional costs.
In parallel, a long-term household budget was drawn up which, alongside the financing costs, also took into account changing schools, the move, furnishing and general living costs.
This made it possible to determine the necessary use of equity realistically.
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 equity.
All modernisation measures were already part of the original financing plan. This meant the house could be adapted to the family's needs immediately after handover.
Outcome
Just a few months later, the family moved permanently to Las Palmas. The children quickly settled into their new school, while both parents were able to continue their work without interruption.
Thanks to the early modernisation, a house was created that meets both professional and family requirements over the long term.
What other buyers can learn
Anyone emigrating permanently to Spain or the Canary Islands should choose a property from an everyday point of view. Good infrastructure, schools, work opportunities and realistic financing planning are often more important than being right next to the beach.
Frequently asked questions
Is Las Palmas suitable for families?
Why were home office and photovoltaics planned immediately?
Should sufficient liquidity be kept when moving abroad?
Conclusion
Buying a house in Las Palmas de Gran Canaria shows that successful property financing should always consider the entire life plan. Anyone who looks at purchase price, modernisation, the move and long-term living costs together creates the basis for a successful new start on the Canary Islands.
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To the case report →A similar situation in Spanien? Let's talk.
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Book a free consultationAnonymised 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
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