The Spanish online property portal market is going through a wave of consolidation that looks set to leave just a handful of dominant players in what is essentially a winner-takes-all business.
Scout24 buys Fotocasa and Habitaclia
Scout24, the German operator behind ImmoScout24, has announced the acquisition of Fotocasa and Habitaclia from EQT for around €153 million. Between them the two Spanish platforms have more than eight million monthly users, a million listings, and 14,000 agent clients. Based in Barcelona, Fotocasa has long been one of the largest portals in Spain, while Habitaclia has built a strong position along the Catalan and Balearic coasts. Both will continue under their own brands with their existing management teams.
Spain still hot while other markets cool
Ralf Weitz, CEO of Scout24, said the company intends to apply its “playbook” for scaling digital classifieds to unlock growth potential in Spain, which he described as one of Europe’s most attractive housing markets. According to Scout24, Spain has seen annual transaction values grow by around 6% since 2021, making it a more dynamic environment than Germany, France, or the UK, where housing markets are currently flat or shrinking.
Idealista snapped up by private equity
The deal comes not long after other big moves in the sector. In December last year, Idealista – the market leader in Spain – was itself sold to British private equity firm Cinven, which paid €2.9 billion for a 70% stake. Idealista then went on to acquire Kyero, the international portal targeting foreign buyers of property in Spain, France, Italy and Portugal.
Winner takes all in the portal game
What this all points to is rationalisation. Property portals rely on scale: buyers and tenants want one place with all the listings, and agents want to be where the eyeballs are. Over time, competition narrows until only two or three major players remain – just as happened in the UK and Germany.
A sign of confidence in Spain
That investors are still piling into Spanish portals suggests confidence in the underlying housing market, which remains lively despite rising interest rates. Spain continues to attract strong domestic and international demand, and the listings business is thriving as a result.
If the trend continues, expect the Spanish portal landscape to be dominated by a small number of giants battling it out for dominance – and everyone else squeezed to the margins.
