Vatican Reports Profit on Real Estate Investments Amid Financial Crisis
The Vatican's office managing investments and real estate reported a significant profit in 2024, marking a positive step as Pope Leo XIV tackles the Holy See's financial challenges.
VaticanReal EstateFinancial CrisisPope Leo XivInvestmentsReal EstateJul 28, 2025
In its 2024 report, the Administration of the Patrimony of the Apostolic See, or APSA, stated that 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 equaled 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. This critical scenario represents one of the greatest challenges facing Pope Leo at the start of his pontificate. The Chicago-born math major 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 owns 4,234 real estate properties in Italy and 1,200 more in London, Paris, Geneva, and Lausanne, Switzerland. Only about one-fifth of these properties are rented at fair market value. Approximately 70 percent generate no income because they house Vatican or other church offices, while the remaining 11 percent 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.
Pope Leo XIV's efforts to address the financial crisis are crucial for the sustainability of the Vatican's operations and the well-being of its employees. His background in mathematics and his focus on financial management are seen as promising steps towards a more transparent and efficient administration of the Holy See's resources.
Frequently Asked Questions
What is the Administration of the Patrimony of the Apostolic See (APSA)?
APSA is the office that manages Vatican investments and real estate, responsible for generating profits to fund the Holy See's operating costs and other financial needs.
How much profit did APSA report in 2024?
APSA reported a profit of 62 million euros in 2024, up 16 million euros from 2023.
What is the main financial challenge facing the Vatican?
The Vatican faces a 50 to 60 million euro structural deficit and a 1 billion euro pension fund shortfall, which are significant financial challenges for the Holy See.
How many real estate properties does the Vatican own?
The Vatican owns 4,234 real estate properties in Italy and 1,200 more in London, Paris, Geneva, and Lausanne, Switzerland.
What is Pope Leo XIV's approach to addressing the financial crisis?
Pope Leo XIV, a Chicago-born math major, is focusing on financial management and has been holding meetings with various financial entities to tackle the Holy See's financial challenges.
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