T
he Vatican's financial office, the Administration of the Patrimony of the Apostolic See (APSA), reported a 62 million euro profit in 2024, a significant increase from the previous year. This is one of the best results in years and comes as Pope Leo XIV begins to tackle the Holy See's long-standing financial crisis. The APSA directed 46 million euros towards operating costs, with 10.5 million euros coming from investment returns and real estate profits matching last year's figures.

    The Vatican has been struggling financially for years, facing a 50-60 million euro structural deficit and a 1 billion euro pension fund shortfall. Pope Leo XIV is said to have a strong understanding of numbers and has already met with various financial entities in his first weeks in office. The Vatican owns over 5,400 properties worldwide, but only about one-fifth are rented at market value, while the majority either house church offices or are rented at reduced rates to employees.

    The real estate portfolio generated 35 million euros in profit last year, a flat result compared to 2023 due to increased maintenance costs. Financial analysts have long identified undervalued properties as a potential source of revenue, but APSA lacks funds for renovations needed to justify higher rents.