Check out the World's oldest housing complex ever! [PHOTO]

Years ago, plots of land, building materials, and rent were cheap.

Now, as the exchange rate worsens, these are getting more expensive and will probably get worse.

However, a Roman Catholic housing settlement in Germany has remained untouched.

The place is called Fuggerei, where residents have paid an annual rent of 1 Rhein guilder or $1.23 (N245) for nearly 500 years.

READ: "The way we collect rent is something that must change" - Babatunde Fashola

Built between 1516 and 1523, it was named after one of Europe’s greatest early entrepreneurs, Jakob Fugger (aka “Jakob the Rich”).

According to Creators, all residents are required to be upstanding catholics and pray three times daily for the current owners of the Fuggerei, saying the Lord’s Prayer, Hail Mary, and the Nicene Creed.

Features of this settlement include 67 houses, 147 apartments, St. Mark’s Church, and an administrative building.

Each house has a a kitchen, a parlour, a bedroom, a tiny spare room, televisions and running water.

One unique thing about this place is the fact that all the doorbells are different, this was done in order for residents to identify their houses in the dark.

With all of the above, it is safe to say that the Fuggerei was the first affordable housing unit.

Check it out.