Fuggerei, built for the poorest residents of the city, dates back to 1519. Picture courtesy of Smithsonian Magazine
WHEN considering a place to live, rent is a big factor as it will take a chunk out of our income no matter where we live.
As such, any place that charges a rent that is either surprisingly high or low will generate a lot of chatter – and it has been said that there is a neighbourhood in Germany that only charges USD1 (RM 4.75) per year in rent.
Is this true?
VERDICT:
TRUE
This is true as residents at the Fuggerei in the German town of Augsburg, pay $1 every year, and it has been this way for the last five centuries.
In fact, Fuggerei is the world’s oldest public housing complex.
The building of this affordable social housing complex was the idea of Jakob Fugger who moved to the small town with his family in the 16th Century..
He was a wealthy merchant who earned himself the epithet “Jakob Fugger the Rich” for being one of the richest men of that era. He acquired many properties and established social initiatives to help those in need.
Fugger felt the need to give back to the community which led him to donate his estate for the development of today’s Fuggerei.
He wanted to provide housing to the city’s needy Catholic workers, so that they could live together debt-free, without the stress of paying exorbitant rent.
The Fuggerei was built in 1521 for underprivileged families.
Today, the gabled terrace houses - with overgrown vines on its walls - are still occupied by more than 140 residents.
It's so popular that it has become a historical landmark for tourists.
However, the cheap rent does come with a few small strings attached.
Interested renters must have lived in Augsburg for at least two years to apply for an apartment.
They also have to be Catholic with a low income and no debt and be a respectable member of society. Residents also have to work a part-time job in the community and say three prayers per day for the Fugger family.
They also needed to be back home by 10pm, when the town gates locked.
References
https://www.ft.com/content/
