The Vatican unveils its real estate heritage in the world for the first time

According to an APSA report, the Holy See owns more than 5,000 properties worldwide, more than 80% of which are in Italy.

Vatican Media / Handout via Reuters

Text by: RFI Follow

2 min

For the first time, the Vatican is lifting a corner of the veil on the reality of its real estate heritage.

The Administration of the Patrimony of the Apostolic See (APSA) has indeed published its first report detailing the real estate empire of the smallest state in the world.

An additional transparency effort desired by Pope Francis.

Publicity

Read more

With our correspondent in Rome

,

Éric Senanque

The Holy See owns more than 5,000 properties around the world, this report reveals, more than 80% of which are in Italy.

The vast majority of this real estate heritage can be found unsurprisingly in Rome or its region.

Almost 40% of these assets are institutional buildings such as schools, convents or even hospital structures.

The report of the Administration of the patrimony of the apostolic see (APSA) also reveals that the rents are well below market prices, only 14% of these properties are in fact rented according to the current courts.

This transparency operation also has an objective for the Vatican: to refute certain fantasies about the management of its real estate assets which would only serve to make millions of euros grow.

Vatican plans renovation of vacant apartments in Rome

Thus, the APSA report mentions the purchase of a property near the Arc de Triomphe, in Paris, at the end of 2017, for nearly 13.5 million euros.

Part of the proceeds from the sale was used to build a church in an underprivileged suburb of the capital.

The APSA also intends to renovate a hundred vacant apartments in Rome from 2022. The Vatican has dozens of empty apartments in the Italian capital.

The publication of this report also comes at a key moment: Tuesday, July 27, will open the trial of the opaque investments of the London building.

Ten people, including a cardinal, are on the dock. 

►

To read: Vatican: a cardinal at the heart of an unprecedented financial trial

Newsletter

Receive all international news directly in your mailbox

I subscribe

Follow all the international news by downloading the RFI application

google-play-badge_FR

  • Vatican

  • Pope Francis

  • Patrimony