Vatican's Real Estate Investments Boost Profits Amid Financial Crisis
The Administration of the Patrimony of the Apostolic See (APSA) reported a significant profit in 2024, marking a positive turn for the Holy See as it battles ongoing financial challenges.
VaticanApsaReal EstateFinancial CrisisPope Leo XivReal Estate NewsJul 29, 2025
Of this, 10.5 million euros in profit came from good returns on investments, while its real estate profits matched its 2023 results. This is good news for the Holy See, as Pope Leo XIV battles an ongoing financial crisis.
Created in 1967, the APSA has been publishing annual reports on its holdings since 2021, following Pope Francis' direction to encourage transparency.
According to the APSA's 2024 balance sheet report, 46.1 million euros of the profit will be used to fund the Holy See's operating costs and the Roman Curia — its central government. This is eight million euros more than last year, as per the AFP. The AFP also calculated the overall profit increase to be over 35 per cent year-on-year (YoY).
The report noted that the Vatican has faced a 50-60 million euro structural deficit for years, besides a 1 billion euro pension fund shortfall. Reuters cited sources saying that the shortfall in the Vatican's pension fund was estimated to total some 631 million euros in 2022. There has been no official update to this figure, but insiders said it has only “ballooned.”
The issue has been among the pressing matters facing new Pope Leo XIV. The Chicago-born math major's first weeks in office were filled with meetings about 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. Of these, 2 per cent are rented at fair market value, while around 70 per cent generate no income because they house Vatican or other church offices, and the remaining 11 per cent 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 believe the Vatican can “unlock” potential revenue through its undervalued real estate. A big challenge, however, is that APSA has little to no money to invest in renovations that would justify higher rents.
The APSA noted that revenues have been flat due to the higher costs of maintaining properties — in 2024, 3.8 million euros was spent on maintenance alone. APSA added that it had reassessed the total value of its holdings down to 2.6 billion euros from 2.74 billion euros.
The AFP report further noted that in June, there was an increase in donations made to the pope to support charitable missions — rising from 52 million euros in 2023 to 58 million euros in 2024.
Frequently Asked Questions
What is the Administration of the Patrimony of the Apostolic See (APSA)?
APSA is the entity that manages the Vatican's investments and real estate. It was created in 1967 and has been publishing annual reports on its holdings since 2021.
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 are the main financial challenges facing the Vatican?
The Vatican faces a 50-60 million euro structural deficit and a 1 billion euro pension fund shortfall. The shortfall in the Vatican's pension fund was estimated to total 631 million euros in 2022.
How will the profits be used?
46.1 million euros of the profit will be used to fund the Holy See's operating costs and the Roman Curia, which is eight million euros more than last year.
What is the current state of the Vatican's real estate portfolio?
The Vatican has 4,234 real estate properties in Italy and 1,200 more in London, Paris, Geneva, and Lausanne, Switzerland. In 2024, these properties generated 35 million euros in profit.
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