Idealista's Spanish Revenue up 17% to €118 Million in 2022

The Spanish real estate portal Idealista generated €118 million in revenue in 2022, representing a 17% increase compared to 2021.

According to accounts filed with Spain's Mercantile Registry seen by local news outlet El Pais, Idealista benefitted from a bumper year in the Spanish real estate market during which more homes were sold than in any year since 2007.

The number of full-time employees at the Spanish portal also rose from 596 in 2021 to 643 in 2022 with salary costs going from €30.2 million to €33.9 million.

The accounts come from Idealista SAU, the parent company of Idealista's Spanish operations. The company also owns and operates real estate marketplace businesses in Portugal and Italy which file accounts under the Idealista Global parent company.

Idealista Assets

Despite the positive trend in revenue numbers, Idealista SAU saw post-tax losses of €53.6 million for 2022. The company put this down to the effects of the amortization of goodwill and intangible assets related to the Swedish investment company EQT taking an 80% stake in Idealista in 2020.

EQT paid former owner Apax Partners €1.3 billion for an 80% stake in Idealista and subsequently sold off tranches of the company's shares to Oakley Capital and back to Apax Partners. The price paid was above the equity the company had and Idealista is allowed to amortize the difference over a period of ten years.

According to the company's 2019 filings, Idealista was profitable to the tune of €39 million and was likely profitable on an operational basis in 2021 and 2022.