Will Scout24 Redraw the Property Market in Europe?

Hardly a month now goes by without major news shaking up the European online property market. The latest example: the arrival of the German giant Scout24 in Spain through the acquisition of Fotocasa and Habitaclia. This move could well be a harbinger of much deeper changes to come in the competitive landscape across the continent. 

A Completely Renewed Spanish Market 

In just over a year, the three main players in the Spanish property market have changed hands. First, the number one, Idealista, was sold to the Cinven fund in June 2024, followed by number three, Pisos, acquired by the Italian group Immobiliare in March 2025, and finally Fotocasa/Habitaclia, acquired in a stylish two-step process: first integrated into the Adevinta Spain group by EQT in July 2025, then sold separately by EQT to Scout24 in September 2025. And this is without mentioning the horizontal giant Wallapop (acquired by the Korean group Naver in August 2025, but whose property activities are more limited).

This unprecedented movement in the past 20 years on such a mature and important market is explained, in part, by the specific dynamics of the Spanish sector. As the fourth-largest economy in GDP and population in the European Union, Spain boasts a particularly significant real estate classifieds market. Spain, for instance, is a larger market on par with Italy, despite being less populous and having a smaller GDP. When adding other major global markets (United States, China, United Kingdom, Australia, Brazil), Spain ranks as the seventh-largest classifieds market in terms of turnover globally.

This dynamism is largely driven by the market's ability over the past five years to catch up with its main global competitors in terms of Average Revenue Per Retailer (ARPR) in this major market. While Spain still lags behind other major European markets, this ARPR gap is no longer widening as it did in the late 2010s and is even showing signs of narrowing. This dynamic is particularly interesting for new investors as it demonstrates the ability of the market leaders and even the second-tier players to consistently increase their prices by double digits each year, while steadily paving the way towards equaling the average ARPR of other major markets.

What Value for Fotocasa and Idealista?

Long anticipated, Scout24’s expansion beyond its domestic German (and Austrian) market has finally happened. Nevertheless, it is something of a surprise, not least because of the timing mentioned in the first paragraph, with Fotocasa-Habitaclia spending less than two months under the EQT banner.

In any case, and for its first acquisition far from home, the German giant secures the number two player in the Spanish market for €153 million. This value could seem like a bargain for Scout24 when compared to the enterprise value of number one, Idealista, at the time of its acquisition by Cinven last year (€2.9 billion), or even to the value accepted by Immobiliare to acquire number three, Pisos, in the first half of the year (€22.5 million). The same reflection arises when comparing the €153 million to the €2 billion that, according to Reuters, EQT spent to acquire Adevinta Spain in July (including Fotocasa and Habitaclia at that time

This price may also reflect two realities of the market. Perhaps not yet fully separated from Adevinta Spain’s IT systems, Fotocasa-Habitaclia might require considerable tech investment, which could slow business down somewhat. Still largely leading the market in the early 2010s after one of the most successful transitions from a print to a web model, Fotocasa has since been overtaken by Idealista. The acquisition in 2017 of the regional site Habitaclia, which has a strong presence in the east of the country, did not change matters. It is also possible that the acquisition of Pisos by a respected and agile player like Immobiliare could raise fears of even greater pressure from number three Pisos on number two Fotocasa

What Bet Could Scout24 Actually Make?

Whatever the threats and opportunities presented by this acquisition, its value remains entirely reasonable for Scout24, whose stock market capitalization, at the time of writing (24/09/2025), stands at €7.8 billion. With this relatively contained financial risk, the German giant can gain hands-on experience with the day-to-day operations of a newly acquired company in a cultural and competitive environment radically different from that of Germany, where it is the market leader.

On paper, it could also use Fotocasa to test its ability to roll out high-value-added services, an area in which it has become a champion in Germany, particularly with its offerings to private visitors en posters. Finally, these first steps outside its domestic market could prepare the group for further such acquisitions in Europe. Given current market dynamics, the professional and business press is now abuzz with rumors about potential sales opportunities for major players in other large European countries…

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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.