The Vatican owns over 5,000 properties worldwide and for the first time discloses information about its real estate holdings

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Top line

According to several news outlets, the Vatican owns more than 5,000 church and investment properties worldwide, and the Catholic Church’s headquarters first opened on Saturday, according to several news outlets. to your investment strategy.

Key facts

According to a report by the Vatican Church administration, most of the Vatican real estate (4051) is located in Italy, most of which is used by church groups or rented at discounted prices rather than market prices. Property of the Holy See (APSA) received Reuters, Catholic News Service and other retail outlets

Forbes contacted the Vatican for comment.

Tangent

The Roman Curia – the central administrative body of the Catholic Church – had an operating deficit of $ 76.3 million in 2020, compared with a deficit of $ 93.2 million in 2019, according to data budget report received on saturday Jesuit America Journal… IN interview via church news Vatican News, church spokesman Father Juan Antonio Guerrero Alves called the Curia’s 2020 performance “better than we expected,” in part because the church cut spending during the coronavirus pandemic. However, the church reported a larger overall deficit in 2020 than in 2019, mainly due to a drop in unrealized financial gains.

Key background

The Vatican’s financial practices – and especially its real estate ownership – have generated scandals and criticism for years. Pope Francis reorganized how church real estate investments have been monitored last year after several years sometimes fraught attempts reform the curia among claims embezzlement and chronic ineffectiveness of financial management… Several people are on trial for allegedly extorting millions of dollars from the church in connection with its real estate investment in London nearly a decade ago.

Further reading

Behind the London real estate scandal at the Vatican (Associated Press)

Vatican First Discloses Property Ownership As Part Of Transparency Campaign (Reuters)

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