Vatican sees boost in real estate profit

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The Vatican announced on Monday a profit of 62.2 million euros ($72.2 million) on its financial assets and real estate in 2024 -- a more than 35 percent rise that could help ease its budget deficit.

The Vatican, which boasts a vast real estate portfolio, has since 2021 published annual reports on its holdings, part of the late Pope Francis' mission to promote transparency.

The Administration of the Patrimony of the Apostolic See (APSA) registered a 16-million-euro boost in 2024, according to a balance sheet published Monday.

The results will allow for a contribution of 46.1 million euros for the needs of the Holy See and the Roman Curia -- its central government. This is eight million euros more than last year.

APSA president, Archbishop Giordano Piccinotti, lauded the result as one of the best in recent years.

The Vatican declared that it had 4,234 properties managed by APSA in Italy with another 1,200 properties -- notably in Paris, London and Geneva -- managed by APSA abroad.

Created in 1967, APSA has been publishing annual financial reports since 2021 -- a part of the Francis' efforts to promote transparency in the face of mounting financial scandals.

His successor, Leo XIV, faces the delicate task of restoring the finances of the Vatican, which faces a chronic budget deficit, in part due to a decline in donations.

Last month, however, the Vatican announced 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.