The annual rent in that district is only 43 TL

The Fuggerei district, located in the German city of Augsburg, draws attention with its symbolic rent practice that has remained unchanged for over 500 years. Residents of the neighborhood, known as the world's oldest social housing complex, pay only 88 cents—approximately 43 TL—as their annual base rent.

Founded in 1521 by the wealthy merchant Jakob Fugger for needy Catholic citizens, the Fuggerei maintains its status as social housing to this day. The walled historic settlement consists of 67 buildings and 142 residences, and is home to approximately 150 people.

The rent applied in the neighborhood is maintained based on the modern nominal equivalent of the 1 Rhenish guilder established at the time of its founding. For this reason, the annual base rent payment of Fuggerei residents remains an almost entirely symbolic amount under today's conditions.

Living in the Fuggerei is subject to different rules than standard social housing applications. Candidates must be in need as evidenced by documentation, be a member of the Catholic faith, and have a direct residency or life connection to the city of Augsburg.

As part of the neighborhood's historic tradition, residents are also expected to pray three times a day for the Fugger family, who founded the settlement.

News Source: 12punto