Real Estate Marketplaces in Spain: Does Idealista Have Any Real Competitors?

Lately, several friends of mine have been looking for new homes, both for rent and for purchase.

Yes, despite skyrocketing prices and a shortage of rental properties, the real estate market is still active.

Perhaps it's because I was lucky enough to be the Director of Fotocasa for four years (back when it was owned by Anuntis, under the leadership of David González), or maybe it’s just that at home, we’ve always been a bit obsessed with monitoring the real estate market. Whatever the case, it's a topic that often comes up in conversations over dinner, coffee, or beers.

And of course, out of professional habit, I can’t help but ask my friends, Which real estate websites do you use to look for homes?

It’s at this point that their answers surprise me more and more. Whereas in the past, they would mention several platforms, now the response almost always points to just one: IDEALISTA.

That’s when I ask, Okay, IDEALISTA is a great platform with an outstanding track record, but what about FOTOCASA? And this is where I get even more surprised because what they tell me is that:

Fotocasa no longer works for them. It doesn’t have as much content, its usability has become more complicated, and ultimately, it offers much less than IDEALISTA

Even friends from areas like Barcelona or Girona tell me that they consider HABITACLIA as their second option, though they also mention that the app often has glitches.

So, what they’re basically telling me is that the market has shifted from a landscape with two major players (IDEALISTA and FOTOCASA) and a series of complementary platforms (HABITACLIA, PISOS, YAENCONTRE, etc.) to a market dominated by just one player: IDEALISTA.

I should also mention that the newer players like HOUSFY and similar platforms rarely even get brought up.

At this point, I can’t help but look back to my days at FOTOCASA , recalling the intense and fierce competition between FOTOCASA and IDEALISTA to become the market leader. Every month, we were battling for the top spot: one platform would dominate in some regions, while the other took the rest, but both shared a clear focus:

Adding value both to home seekers and to those selling or renting homes (whether they were professionals, banks, or private sellers)

So, what happened in the past few years? Why this dramatic shift?

gráfico nº1: Evolución del interés por la marca Idealista (azul) y fotocasa (rojo) a lo largo del tiempo- Google Trends

Looking at it in detail, and from my perspective and experience, it's not just one factor, but rather a combination of several:

Management

Idealista has kept its management stable over the years under the leadership of the Encinar brothers and Cesar Oteiza, doing so with both excellence and efficiency. While their investment partners have changed over time, the management has remained the same, providing stability, focus, and experience.

In contrast, FOTOCASA hasn’t had the same consistency. After Anuntis was sold to Schibsted (now Adevinta) and founder David González, stepped down, the company saw a series of leadership changes that led to a loss of focus.

New managers came in with little to no experience in the sector or the Spanish market. They brought more of a consultant’s mindset, far removed from the day-to-day realities of running a business (PowerPoint presentations can hide a lot). The company integrated into a multinational’s framework, which has proven successful in Scandinavia but hasn’t translated as well to other markets—especially when it comes to vertical marketplaces.

Loss of Focus on Value Proposition

Real estate portals are all about balancing the needs of advertisers and home seekers—making sure advertisers get leads, while users find the right homes with the most accurate, high-quality information.

The balance between professionals and private sellers is critical, especially in Spain, where private sellers play a unique role in attracting users. Professionals bring in revenue and a large volume of listings, but private sellers draw users searching for homes.

You have to know how to handle both. If I had to choose between the two, I would clearly bet on the professional market—it offers more content and revenue (even if it loses a bit of “sex appeal”).

So, be careful about "leaning too heavily" on private listings, as though you were a general marketplace (think of the Nordic model: Blocket in Sweden, its French counterpart Leboncoin or Craigslist in the U.S. and Milanuncios in Spain).

I still remember how, during my time, in the board meetings from Norway, they told us we were focusing too much on professionals and that we should shift our focus more towards private sellers… and, of course, they did, and the results… well, they are what they are.

Continuing to Understand What Both Advertisers and Home Seekers Want...

For home seekers, the process is usually quite "intense" — they are often actively searching for a new home, and what they expect includes:

• A large number of relevant listings for their search. The number, distribution, and diversity of property types are essential.

• The highest possible quality of information. Photos and videos are crucial here, particularly the number, quality, and the all-important feature image.

• Detailed descriptions of the properties — location, neighborhood details, and other specifics.

• Security — to avoid fake listings and scams.

• Speed — they want quick responses once they submit inquiries.

• Ease of use — an intuitive, user-friendly platform that's accessible to everyone.

For advertisers, their primary goal is to get as many qualified leads as possible — meaning both volume and quality.

Obviously, some properties are more attractive than others, but achieving the right balance in responses based on property type and advertiser is key. And all of this must happen within a "reasonable" business model. Advertisers aren’t opposed to paying, but they expect to get at least a basic level of return for their investment.

This reminds me of my time at FOTOCASA, where the connection between the platform (product, development, marketing) and the sales team was critical to maintaining this balance and ensuring customer satisfaction.

The sales team is the one on the ground, gathering the “pulse of the market,” which should then align with product and marketing initiatives. If this connection is lost, if the platform starts operating in isolation, we’re in trouble. This is something that IDEALISTA has always done well, while FOTOCASA has drifted away from it.

Therefore, maintaining a large and constant audience is crucial (users will quickly stop using a platform if their expectations aren’t met), along with a large volume of content that has good regional and typological distribution, and excellent usability — “make it easy for the user.”

Not long ago, at The Brain Mixers, we conducted an analysis of the real estate portals in Spain. Below are a few summary images, but if anyone is interested in the full report, I’d be happy to share it.

Chart 2: Real estate portals’ audience — a clear leader that more than doubles the rest in terms of visits and unique users.

Chart 3: Distribution of traffic by source

Chart 4: Analyzing the value propositions of different real estate platforms.

The Metrics

Obsessing over critical business metrics. The real estate classifieds business is extremely marketing-intensive. This is tied to what I mentioned earlier: user behavior follows a "champagne effect" — it's very intense for a time, but then it fades. Therefore, you're constantly looking for new audiences and trying to stay "top of mind" for when the need arises.

In other words, it's marketing with a heavy transactional component — users generate leads for advertisers, which are then reinforced by a brand message that is consistent, coherent, and aligned with the brand’s core values and DNA.

Transactional Approach

The transactional approach is something David González ingrained in me — checking KPIs at 7 a.m., spotting “amber” warnings before they turn “red,” and making associated decisions (without all the excessive OKR frameworks and buzzwords — just vision, objectives, indicators, measurement, and action).

It’s a constant effort that, when done correctly, creates a connection with the sales team, users, and clients because you’re showing that you care about them. During those "FOTOCASA vs. IDEALISTA" battle years, we were constantly monitoring the situation — it was like two racing boats, sailing side by side, competing to be the first to the next buoy. And it was fantastic! It helps people, businesses, and the sector grow.

Now, it feels like there’s a lack of "tension" at FOTOCASA. The battle isn’t entirely lost — there’s still much to recover — but if you relax, focus on the "stage set" instead of the "core," then things will start to crumble.

Brand

Then there’s the brand side. Over the years, IDEALISTA has managed to build a narrative and positioning that has earned it a place in the sector (whether you like it or not, it’s there). They’re informal but professional, direct, and clear. They’ve always pursued a somewhat "premium" positioning while maintaining an approachable vibe.

In contrast, since fully integrating into Schibsted (now Adevinta), FOTOCASA, has lost its way… It once had a strong, traditional brand image, focused on clear, rational drivers, and an intense presence. But in trying to mimic its rival, it has lost its identity — and it didn’t work (just like Segundamano didn’t succeed against Wallapop)...

Moreover, their brand strategy has been scattered, associating with public figures who had little to no connection to the brand or the sector (zero credibility). They’ve tested different branding approaches without consistency… and in the end, unfortunately, the brand has faded away.

This all ties back to management, vision, and focus. It all trickles down from the top.

Acquisitions

This is a tricky subject. Just before the pandemic, there was an opportunity to acquire Habitaclia (following Schibsted's earlier, costly, and somewhat puzzling purchase of Milanuncios). The two main players in the market — with Fotocasa clearly trailing behind Idealista by then — fought hard for it.

If IDEALISTA had secured HABITACLIA, it would have been checkmate for FOTOCASA. The stronghold it maintained in Catalonia — largely due to Habitaclia's significant presence there — would have crumbled.

In a last-minute move, FOTOCASA (Schibsted) opened its wallet, paying far more than the market expected (rumored to be over €50 million) and secured its Catalan rival.

However, rather than strengthening FOTOCASA’s position, this acquisition actually weakened it further. The integration process, overlapping markets, and lack of synergies outside Catalonia... resulted in a situation where it almost feels like the company that was acquired ended up stronger than the acquirer. Unreal!

Meanwhile, just a few months later and much more quietly, IDEALISTA acquired 100% of YAENCONTRE (which was part of Grupo Godó). It was a silent transaction that gave IDEALISTA an extra boost in Catalonia, without affecting the progress of its main brand.

In short, FOTOCASA played defensively, trying not to concede a goal, instead of going on the offensive to win the match… and that usually ends badly.

The Evolution of the Value Proposition

Around its property listings, IDEALISTA has managed to build an ecosystem of value-added services, with its mortgage service standing out in particular. By partnering with various banks and managing the service with its own team, IDEALISTA has solidified itself as a market leader.

Yes, FOTOCASA now offers a similar service through a partner, TRIOTECA, but they arrived late to the game and are miles behind IDEALISTA in terms of both the number of banks and the level of service proximity.

If you focus on copying your competitor, always staying 2 or 3 steps behind, without carving out your own positioning or offering anything unique… you’ll find it nearly impossible to surpass them.

In conclusion, when you look back at the competitive landscape from 10 or 12 years ago and compare it to where things stand today, it’s surprising.

IDEALISTA has maintained a consistent vision and focus without losing its way. I believe much of this is due to the continued presence of the founding team and management at the helm.

On the other hand, its main competitor, despite seemingly having more resources, has lost its direction and deflated to the point where the market has clearly taken notice.

No one has taken over their territory, as with recent acquisitions, the third player is now PISOS (Vocento), which also lacks significant resources.

As a result, the market has both polarized and micro-segmented, with advertisers looking for smaller alternatives and becoming increasingly dependent on IDEALISTA.

When this happens in a market (without taking away from the great work IDEALISTA has done, it’s never a good thing… a good example is the job market with INFOJOBS, which I know well).

However, this chapter isn’t closed yet. Given the dynamics of the market, even if one isn’t the clear market leader, in real estate, every point gained in audience can be relatively easily converted into value — leads and revenue. So, there’s still room to keep fighting and not throw in the towel.

And what about the future?

Well, IDEALISTA has recently changed investment partners, but they’ve maintained the same model, with management still in the hands of the founding team. This is great news in terms of vision, focus, and experience, which means we’re unlikely to see any radical changes from them.

FOTOCASA + HABITACLIA, on the other hand, remain a mystery. There seems to be a lack of vision and focus necessary to compete on the same level as IDEALISTA. However, the funds BLACKSTONE and PERMIRA are in the process of taking control of ADEVINTA (the deal was finalized in early 2024), and this could lead to several scenarios:

• Scenario 1: They could decide on a new strategic direction for the company that would impact the various brands, although this is complex and it will take a long time to see the effects.

• Scenario 2: They might choose to "break up" the company, selling off different assets and keeping only those they consider strategic.

In this second scenario, FOTOCASA + HABITACLIA could go up for sale, opening the door for a new buyer and management team to take over the brands.

That said, while these are two interesting brands — and I repeat, the real estate sector still has room for another major player — gaining even 1% more audience directly translates to money on the bottom line…

But it would require leadership with vision, focus, and, above all, experience. And of course, this wouldn’t be a "cheap" deal, which significantly limits the pool of potential buyers — unless there’s a possible alliance between a fund and an industrial partner, which could be an interesting option.

As for the rest of the players, they’ll find it difficult to claim a bigger slice of the pie — they’re short on resources, and the real estate marketplace sector is capital-intensive.

So, interesting times lie ahead in this sector, with IDEALISTA, who has been doing a stellar job for years, and a second player that It has vanished without a trace. But there are still clear business opportunities in this market, provided the right vision and focus are in place.

We’ll see what happens… but I predict some interesting moves ahead.