ALBAWABA – Egyptian citizens are facing a harsh time as real estate prices are witnessing a spike due to the Sudanese war which began in 2023 and the number of expats coming and settling in the country.
Real estate prices in Egypt
Real estate prices in Egypt surged by around 70% due to the rise in the number of Sudanese residents in the country in the past year after they fled the war. This has added to the existing residential costs, which were already high due to currency devaluations and increasing prices of construction materials in Egypt, CNN reported.
As a result, many areas and districts in Egypt are experiencing high prices, it is almost hard to afford or find apartments and homes for Egyptian people.
Real estate prices hike in Egypt (Shutterstock)
Why real estate prices surged in Egypt
The Egyptian Association for Real Estate Appraisers commented on the 70% rise in the real estate market in the 2023. Khaled Al Mahdi, Vice President of the Egyptian Association for Real Estate Appraisers, explained how this surge is linked to the number of Sudanese expats in Egypt.
Al Mahdi added that this rise was influenced by other factors like the fluctuating value of the Egyptian pound and the constantly increasing prices of building materials across the country.
Sudanese expats in Egypt
Egypt witnessed high numbers of Sudanese expats visiting and settling due to the recent conflict in their country.
The number of Sudanese refugees around the world has been recorded at 310,000 by UNHCR. The number of Sudanese refugees in Egypt is not identified clearly up to this moment, experts presume it should be 700 thousand to 7 million people.
According to media reports, more Sudanese expats in the country tend to usually share the same apartments and pay high rental rates.
CNN Arabic also added that the country had previously faced waves of real estate price spike in 2003 when Iraqi expats came and again in 2011 following the Syrian civil war.
