German online real estate (finally) making headline

As the largest real estate market in the European Union, Germany has long been characterized by remarkable stability in its competitive landscape. However, recent developments, including active reshuffling within competitors such as Aviv and anticipated moves from Kleinanzeigen/Adevinta, coupled with a less dynamic market, may pose a significant opportunity to disrupt the current market leader, Scout24. Could this be the moment to reshape the playing field? 

The 4^th biggest online real estate market in the World 

As the largest economy in GDP and population in the European Union, Germany boasts a particularly significant real estate classifieds market. It is almost on par with the UK, the gap between the two countries reducing year after year. When adding other major global real estate markets (United States, China, United Kingdom, Australia, Brazil), Germany ranks as the fourth-largest real estate classifieds market in terms of turnover globally. 

This impressive position is largely driven by the market's ability over the past five years to catch up with its main UK, Australian, or US global competitors in terms of Average Revenue Per Retailer (ARPR). This demonstrates the ability of the market leaders (especially local hero ImmoScout24) and even the second-tier players to consistently increase their prices by double digits each year, indicating a certain level of maturity among market players and professional advertisers.

Towards a More Challenging 2025?

As we mentioned in our first issue of the year, outlining forecast trends for major classifieds markets, Germany's real estate sector is currently facing critical challenges in 2025. While the current increase in property listings is positive news for platforms, the declining number of active professionals in the market may signal deeper issues that need to be monitored closely. Additionally, in a country grappling with a significant housing shortage across its top 20 urban areas, the rising volume of listings suggests slower turnover, making it more challenging for households to plan purchases or rentals.

Who can rival ImmoScout24?

One of the main reasons for the relative underrepresentation of the German real estate market in the media can be summed up in one name: ImmoScout24. Listed on the Frankfurt Stock Exchange since 2015 and definitively separated from its automotive business, AutoScout24, in 2020, Scout24—the parent company of ImmoScout24—stands as a prime example of a leading platform that has successfully widened its lead over competitors while continuously innovating.

Through numerous acquisitions of real estate software and databases, as well as effective traffic management, ImmoScout24 has managed to increase its relative market share among agencies vis-à-vis its competitors since 2020 (see statistics below). This drive has also positioned it as the second player within Europe’s top five real estate markets (after the UK's Rightmove) to surpass the $1,000 threshold in monthly Average Revenue Per Advertiser (ARPA; Q1 2025: $1,247).

However, what remains the most impressive strategic advantage of ImmoScout24 is its ability to charge private advertisers or property seekers for its services. This segment accounted for 27% of its revenue in the first quarter of 2025, compared to just 5% in 2015. This significant growth, from €11.5 million in 2015 to €156.4 million in 2024, according to Scout24's annual reports, is the result of a strategic focus built on two key pillars. The first one is a long-standing dominance in the individual advertising market. The second relies on a comprehensive offering for individuals, based on intensive lead qualification, management software, and seller contacts.

Alongside its impressive growth in charging individual clients, ImmoScout24 has strengthened its position against local competitors from Aviv. Its market share for private listings in Germany is now almost 8 times higher than its direct competitor.

Which recovery road for Aviv in Germany?

The steady growth of Scout24 might face disruptions in the coming months. Effective since December 2024, the acquisition of the market’s number two player, Aviv Group (Immowelt & Immonet), by the private equity firm KKR—previously a co-owner with Axel Springer Media Group—could reshape the competitive landscape. KKR has already moved swiftly by appointing two classifieds’ veterans at its board: Vladimir Pravdivy as CEO and Ovidiu Solomonov as COO. Furthermore, as of June 2025, interim CPO and CTO positions have also been filled at the group level.

Even more noteworthy, the group has replaced its leadership for France (its largest market in terms of revenue) and for Germany. In its home country, Aviv has entrusted operations to Piet Derriks, who has proven his expertise leading Immoweb, the group’s Belgian subsidiary (which he continues to oversee). This decision underscores the critical need to address challenges in Germany, where Aviv lags far behind the market leader.

It will be interesting to observe how KKR plans to enhance Aviv’s relative market share in terms of professional advertisers. Efforts are expected to leverage the new centralized technical platform launched in 2024, alongside key acquisitions, such as Nutzungsdauer.com and Kaufpreis-Aufteilung.com (both offering tax depreciation services for rental properties in Germany) and Neuraum Venture (a 360° platform for homebuilding in Germany and Austria).

Aviv sites market positions per Country

Site	Country	Active Agents Market Share (1)	Active Agents Market Position (1)
Immoweb	Belgium	84%	1
SeLoger	France	63%	2
ImmoWelt	Germany	48%	2

Which Future of Kleinanzeigen in the Real Estate Market?

Kleinanzeigen, the last major player in the German market, is set for an ownership change as Adevinta's shareholders, including Blackstone and Permira, prepare for a piecemeal sale of their assets. Its position in the real estate market makes it a potential target of high interest. Currently ranked third both in client agency numbers and traffic, the platform also holds strong positions in rental and private listings.

However, Kleinanzeigen's ability to monetize its real estate vertical remains limited when compared to heavyweights like Scout24 and Aviv Group. Its generalist positioning, coupled with a still-developing real estate specialization, may explain these limitations. Adding complexity to its future, Adevinta faces strategic decisions regarding the sale of its German operations. Kleinanzeigen maintains close ties with mobile.de, another Adevinta property, which strengthens and protects its leadership in the automotive sector, particularly in private and affordable car listings.

Will Adevinta opt for separate sales of mobile.de and Kleinanzeigen to maximize their individual valuations and unlock Kleinanzeigen's potential in the real estate sector? Or will it bundle both platforms, potentially diluting Kleinanzeigen's impact on the property market? These are critical questions as Adevinta maneuvers to reshape its German portfolio.

Agent market share of Germany's Top 3 portals

Site	Group	Active Agents Market Share (1)	Active Agents Market Position (1)
ImmoScout24	Scout24	77%	1
ImmoWelt	Aviv	48%	2
Kleinanzeigen	Adevinta	34%	3

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Methodology (1) Source: Joreca panel and database for May 2025, only for real estate agents (excluding agents, new home builders, notaries, etc.) who have put at least one residential property up for sale or rent.

Disclaimer: This article was written using Joreca’s data, public information, and expert opinion. Under no circumstances does this article constitute a solicitation, offer, opinion, approval nor recommendation by Joreca, to buy or sell any company share, nor does it provide legal, tax, accounting or investment advice, nor services regarding the profitability or suitability of any security or investment.