While rents continue to skyrocket not only in Spain, but also in the rest of Europe, in the German neighborhood of Fuggerei -located in Augsburg- residents continue to pay only 0.88 euros per year to live in one of their houses for more than 500 years. And Fuggerei is not just any neighborhood, but one of the oldest social housing projects in the world.
This medieval town was built in 1521 with the idea of helping the most disadvantaged people. For this reason, its founder Jakob Fugger – one of the most powerful bankers of all time– decreed that the annual income would be 1 Rhenish florin (0.88 current euros) forever.
However, the rental price is not the only thing that has been maintained for more than 500 years. Also the requirements that must be met people to be able to live in the neighborhood: be Catholic, pray three times a day an Our Father, a Hail Mary and a creed for the Fugger family, be over 60 years old, have lived at least two years in Augsburg and have fallen into destitution without incurring any type of debt.
The neighborhood – which is fenced – has about 70 houses and 150 apartments, which are between 45 and 65 square meters. They have two bedrooms, a living room, a kitchen and some even a small garden. Over the years the villa has expanded and now also has a church and a small museum.
Despite the unconventional requirements, renting a home in this neighborhood is a complicated task. In fact, it is estimated that waiting time is about four years. On the other hand, it has become a tourist attraction and it is estimated that it receives about 200,000 visits a year. In order to visit it, tourists must pay an amount of four euros.
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