Back to talking about real estate assets of the Vatican. Pope Francis has in fact ordered the abrogation of all free rents or at favorable conditions granted to cardinals for properties owned by the Holy See. The stop also applies to department heads, secretaries, sub-secretaries and directors. The decision is due to the need to meet the needs of the many needy.
Nell Rescriptum the Holy Pontiff explained that “to meet the growing commitments that the Holy See is facing for the fulfillment of the service of the Universal Church and the needy, he asks that greater resources be allocated and reserved to the Apostolic See also by increasing revenues for the management of the patrimony real estate”
The buildings owned by the Vatican can therefore no longer be granted free of charge or on advantageous terms to cardinals and senior executives, but the owner entities will have to apply the same rates applied to those who do not hold positions in the Holy See or in Vatican City State. The provision also applies to theand Domus which will have to establish the ordinary rates and, although it is not retroactive, it will apply to all existing contracts that need to be extended or renewed.
Who manages the real estate assets of the Vatican?
The real estate assets of the Holy See are managed by L’Aspa, iThe Vatican dicastery which also manages financial assets. The dicastery is chaired by Nunzio Galantino who in an interview with Vatican News did the accounts of the real estate units owned by the Vatican both in Italy and abroad
How many properties does the Vatican own?
According to what is reported with data referring to the year 2021, the property units owned by the Vatican are 4,086, for a commercial area of approximately 1.5 million m2. The net profit realized is 8.11 million euro. The real estate assets are divided into the following types of portfolio: free market (1,866 units corresponding to 391,360 m2, 27% of the total), subsidized rent (1,249 units corresponding to 195,074 m2, 13%), zero rent (971 units corresponding to 876,630 m2, 60%).
As far as our country is concerned, in 2021 ASPA paid 5.83 million euros for the IMU and 2.57 million euros for IRES.