Idealista, the leading real estate vertical in Spain, has invested in Barcelona-based YaEncontre.es, which is owned by Grupo Godo. But details of the investment, which the company announced in a press release, hints at something closer to an acquisition.
Idealista will incorporate YaEcontre’s management team, which will continue to direct its strategy. However, the sites will operate independently with their current personnel. No financial details regarding the investment have been disclosed, but Idealista said it is a “relevant” sum.
The company said the investment will strengthen Idealista’s presence in Catalonia, a region where its overall dominance is threatened by Adevinta-owned rival Habitaclia.com.
Adevinta (then Schibsted) purchased Barcelona-based Habitaclia in 2017 and has since enjoyed steady traffic growth. Habitaclia is now the third-largest portal in Spain and, in tandem with sister site Fotocasa.es, poses a real challenge to Idealista.
Idealista attracts some 33 million visits per month. Habitaclia sees around 10 million, which combined with Fotocasa’s 15 million monthly users, and the considerable private seller/renter traffic on Milanuncios.com, makes it a formidable opponent.
Though YaEncontre attracts a modest three million visits per month, according to SimilarWeb, it has the advantage of being a Catalonia-based site. Given the ongoing independence dispute, Idealista may see added value in allying itself with a local portal, rather than pursing regional growth by other means.
YaEcontre CEO Oscar Mateu said that “any company would dream of having Idealista as a shareholder of reference.”