Foreign Property News | Posted by Si Thu Aung
If you’re being stung with extortionate rental fees you may wish to look away now.
In Germany there’s a walled enclave called Fuggerei where the rent has remained one Rheinischer Gulden per year – equivalent to 0.88 euros/80p – since 1521.
Fuggerei is a city-within-a-city in Augsburg, Bavaria, that comprises 67 houses split into 142 apartments, a church called St Mark’s and an administrative building. Plus around 150 residents.
Fuggerei was founded in 1521 by Jakob Fugger the Rich (1459-1525) for needy Augsburgers – and it has been continuously inhabited ever since.
Jakob became exceedingly wealthy trading in precious metals and through financial deals and established the community out of the goodness of his heart.
His legacy is the oldest existing social housing complex in the world.
To this day people with low incomes can live there for the astonishingly low annual base rent thanks to the foundation Jakob set up – plus three daily prayers to the owners.
Fuggerei occupies a walled plot that measures around 15,000 square metres (160,000 square feet) right next to the centre of Augsburger.
Access is through any of five gates, which are all bolted shut at 10pm every day.
It’s possible to take a guided tour of Fuggerei. The entrance fee? Six euros and 80 cents (£5.80) – or about seven times the yearly rent.
Attractions include two museums, a World War II bunker and a ‘display residence’ – an apartment that showcases what life is like for those that live there.
Ref: Property Report
