Vatican Reports Profit on Investments and Real Estate Amid Financial Crisis
The Vatican's investment and real estate office, APSA, reported a significant profit of 62 million euros in 2024, providing a glimmer of hope as Pope Leo XIV addresses the Holy See's financial challenges.
VaticanReal EstateInvestmentsFinancial CrisisPope Leo XivReal Estate NewsJul 28, 2025
In its 2024 report, the Administration of the Patrimony of the Apostolic See, or APSA, said it had directed 46 million euros of the profit to fund the Holy See's operating costs. Some 10.5 million euros in profit came from good returns on investments, while its real estate profits equalled its 2023 results, the report said.
The Vatican has been running a 50 million to 60 million euro structural deficit for years and is facing a 1 billion euro pension fund shortfall, a critical scenario that represents one of the greatest challenges facing Leo at the start of his pontificate. The Chicago-born math major, though, is said to have a head for numbers and his agenda in his first weeks in office has been filled with meetings of the Vatican's various financial entities.
The Vatican has 4,234 real estate properties in Italy and 1,200 more in London, Paris, Geneva, and Lausanne, Switzerland. Only about one-fifth are rented at fair market value. Some 70% generate no income because they house Vatican or other church offices; the remaining 11% are rented at reduced rents to Vatican employees.
In 2024, these properties only generated 35 million euros in profit, essentially equaling the profit of 2023. Financial analysts have long identified such undervalued real estate as a source of potential revenue, but APSA has little money to invest in renovations necessary to justify higher, market rents. The report blamed the flat results on higher costs maintaining the properties, with 3.8 million euros spent in 2024 on maintenance alone. (AP) NSD
Frequently Asked Questions
What was the profit reported by the Vatican's investment and real estate office in 2024?
The Vatican's investment and real estate office, APSA, reported a profit of 62 million euros in 2024.
How much of the profit was directed to fund the Holy See's operating costs?
46 million euros of the profit was directed to fund the Holy See's operating costs.
What is the current financial challenge facing the Vatican?
The Vatican has been running a 50 million to 60 million euro structural deficit for years and is facing a 1 billion euro pension fund shortfall.
How many real estate properties does the Vatican own in Italy and other European cities?
The Vatican owns 4,234 real estate properties in Italy and 1,200 more in London, Paris, Geneva, and Lausanne, Switzerland.
What percentage of Vatican properties are rented at fair market value?
Only about one-fifth of Vatican properties are rented at fair market value.
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