The Vatican announced on Monday about EUR 62.2 million of profit from its financial shares and real estate last year. This is an increase of 35.5 percent. Compared to 2023, which is good news for the new pope and his efforts to eliminate the budget deficiency.
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According to the Associated Press, the administration of the Holy See's property (APSA) in her report for 2024 informed that she allocated EUR 46 million to financing the operational costs of the Holy See.
About EUR 10.5 million of profit came from good return on investment, while the profits from the property were equal to the results from 2023.stated in a report, which cites the Associated Press.
The Vatican has had a structural deficit of 50 to 60 million euros for years. It is also in the face of a deficiency of a pension fund in the amount of EUR 1 billionwhich is a critical scenario that is one of the biggest challenges facing Leon at the beginning of his pontificate.
Record profit of the Vatican. This is not enough to master the deficit
The Central Agency for the Vatican Asset Management also announced in the annual report that it has again estimated the total value of its shares up to EUR 2.6 billion from EUR 2.74 billion, due to the re -assessment of the property held.
The Vatican has 4,234 properties in Italy and 1,200 more in London, Paris, Geneva and Lausanne in Switzerland. Only about one fifth of them is rented at a fair market value. About 70 percent does not generate any income because they contain the Vatican or other churches offices; Other 11 percent It is rented after reduced rents for the Vatican employees.
See also: The Vatican also has to tighten the belt. The Holy See is missing money?
In 2024, the Vatican real estate generated EUR 35 million in profit, which basically equals the profit from 2023.
Financial analysts have long identified such undervalued real estate as a source of potential revenues, but APSA has little money for investments in repairs necessary to justify higher market rents. The report blames flat results for higher real estate maintenance costs, while in 2024 EUR 3.8 million was spent on maintenance.
