The Jubilee 2025 brings significant expenses and opportunities. Discover the cost of the Holy Year, its expected economic turnover for Rome and Italy, and how citizens are preparing to seize the benefits.
How Much Does the Jubilee 2025 Cost?
This is the question on everyone’s mind, especially those navigating Rome’s chaotic streets, now further complicated by numerous ongoing construction sites. These projects aim to enhance Rome’s infrastructure and services as the city prepares to welcome millions of pilgrims and tourists for the Holy Year.
The Jubilee 2025 will begin on December 25, 2024 and conclude on January 6, 2026. It will officially start with Pope Francis opening the Holy Door of St. Peter’s Basilica in the Vatican. During this time, Rome is expected to host 35 million pilgrims, adding to its usual tourist influx.
Overall, an estimated 105 million visitors are projected, including hotel stays. While Rome will be the epicenter, other Italian cities have also been preparing for this significant event.
A Holy Year like this one, held every 25 years, requires substantial public funding to complete essential works. However, it also presents a massive economic opportunity, with pilgrims and tourists likely to boost spending across Rome and the rest of Italy.
How Much Does the Jubilee 2025 Cost?
The Jubilee is one of the most significant events of the Catholic Church, first celebrated in 1300. Initially scheduled every 100 years, it was later changed to every 50 years and now occurs every 25 years as established by Pope Paul II.
For believers, the Jubilee represents a Year of Remission of Sins, reconciliation, and sacramental penance. The 2025 Jubilee is expected to attract over 30 million pilgrims to Rome alone, with the exact attendance figures available only after the Holy Door closes on January 6, 2026.
To prepare for this influx, Rome has undergone a major transformation, with numerous construction sites active across the city. As of November 8, 2024, the Municipality of Rome reported the status of 115 planned projects for the Jubilee:
- In Progress: 51
- Under Execution: 6
- In Tender Phase: 25
- In Design Phase: 32
- Completed: 2
- The total cost of the Jubilee projects is estimated at €1,019,468,876.46. This amount is covered by €447 million in Jubilee-specific funding and €572 million from other sources.
Additional funds allocated include:
Law 234/2021: Allocated €1.335 billion for infrastructure and interventions linked to the Jubilee, plus €110 million for operational coordination and services for participants.
Law 112/2023: Approved €212 million for adapting healthcare facilities in the Lazio region and adjusting project budgets.
Law 213/2023: Authorized €220 million for investments between 2024 and 2026.
Current Expenditure Fund: Allocated €388 million for operational coordination and services.
In total, €2.545 billion has been allocated by the State for Jubilee 2025-related projects. Including PNRR funds, a total of €7 billion has been funneled into Rome and Lazio.
The Economic Turnover of Jubilee 2025
While significant funds have been spent, the Jubilee is expected to generate considerable economic returns. According to the Ministry of Tourism, the Jubilee 2025 will attract 35 million arrivals and 105 million overnight stays in Rome alone, with an estimated expenditure of €17 billion.
For Rome specifically, the projected turnover is €4-4.5 billion. Other cities will also benefit: Naples expects 18 million visitors, while Venice anticipates a 25% increase in overnight stays.
Opportunities for Citizens
For many Romans, the Jubilee 2025 has been seen as more of a challenge than an opportunity, with construction disrupting daily life and rising housing costs making central neighborhoods unaffordable.
However, some citizens are capitalizing on the event. Rome now has 31,000 holiday homes and B&Bs, nearly double the number in 2021. Many have converted their properties into short-term rentals to accommodate the over 30 million pilgrims expected, with rental prices skyrocketing.
Data from AirDna, analyzed by Sole 24 Ore, shows a 72.6% increase in short-term rental costs in Rome compared to 2019, making the city increasingly expensive for visitors.
Original article published on Money.it Italy 2024-12-03 10:13:48. Original title: Quanto costa il Giubileo 2025, il giro d’affari per Roma e i cittadini
