Paying just 80p a year in rent might sound like a distant, wishful dream – but in a small European village governed by strict rules, it’s the everyday reality for some. And it’s not quite what you’d expect. Located in the city of Augsburg, Germany, the Fuggerei housing complex was established in 1521 by wealthy merchant Jakob Fugger as a haven for those in need.

In a time when rent in parts of the UK has surged by 9% in 2024, it’s almost unbelievable that there’s a housing complex on the continent where the rent hasn’t increased in over 500 years. And this isn’t just a UK issue – rent prices are soaring across Europe. Spain saw rental costs hit a record high in May, while rents in Ireland rose by more than 3% between January and March of 2025.

It’s not the norm to be offered a place that’s both affordable and visually appealing, while also maintaining a strong sense of community. But that is exactly what Jakob Fugger had in mind.

Surrounded by a wall, the Fuggerei complex contains 142 residences spread across a 15,000-square-metre site. There are currently 150 residents living there.

In addition to their 75p annual rent, residents are also required to say three daily prayers for the current owners of the Fuggerei.

They must also “perform small services for the common welfare.” These include duties such as serving as a night watchman or working as a gardener within the walled community.

A typical flat in the Fuggerei spans around 60 square metres and includes three rooms, with ground floor apartments often featuring a small private garden.

However, moving into the world’s oldest social housing complex isn’t as simple as filling out an application – there are strict criteria. According to the official website, only Catholics from Augsburg who are in financial need will be considered for residency.

Life inside the Fuggerei also comes with rules, including a strict nightly curfew. The gates shut at 10pm, and anyone returning late must pay the watchman a fee: 50 cents (42p) if they’re back shortly after, and one euro (85p) – slightly more than the annual rent – if they arrive after midnight.

If you are not eligible to live there, you can still visit. Tourists can explore the walled community for 8 euros (£6.78), which includes access to the on-site museum and a fully furnished show flat.