Sudan Refugees Face Soaring Rent Prices In Cairo

An aerial view of Cairo's traffic and compressed houses with new houses project (Reuters)
An aerial view of Cairo's traffic and compressed houses with new houses project (Reuters)
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Sudan Refugees Face Soaring Rent Prices In Cairo

An aerial view of Cairo's traffic and compressed houses with new houses project (Reuters)
An aerial view of Cairo's traffic and compressed houses with new houses project (Reuters)

Sudanese refugee Mohannad had only been in Cairo a few weeks when his landlady told him he would have to pay triple the rent if he wanted to keep his apartment.

He had arrived with his wife and three children in the Egyptian capital -- 2,000 kilometres (1,200 miles) north of his home in Khartoum -- two weeks after the brutal war between Sudan's rival generals broke out on April 15.

Mohannad, 35, signed a six-month lease for a furnished apartment for 6,000 Egyptian pounds ($195) per month -- the average monthly income for an Egyptian family, according to official figures.

But "my landlady told me that the rent had gone up to 18,000 pounds," said Mohannad, who like others interviewed by AFP gave only his first name to protect his privacy.

At around the same time, he found out his home in the Sudanese capital had been broken into and looted.

When he refused the increase, "she said she had other Sudanese takers who were willing to pay 25,000 pounds".

Mohannad and his family eventually packed up and left.

Inflation in Egypt hit a record high of 36.8 percent in June, and the pound has lost half its value against the US dollar since early last year.

Purchasing power in the import-dependent economy has been slashed as families struggle to make ends meet.

New arrivals face the same hardships, with realtors reporting a sharp increase in demand in the satellite city of 6 October, west of Cairo.

Sudanese families scramble to find housing there, near the offices of the United Nations refugee agency UNHCR.

Within weeks, "there was nothing left to rent, after a period of stagnation on the local market", said Mohamed, an independent realtor who asked to be identified by first name only, fearing scrutiny by authorities.

And rents have soared well above market prices.

"The average rent for a furnished apartment used to be 7,000-8,000 pounds, now it's up to 10,000 and more the closer you are to the UNHCR offices," the realtor told AFP.

Another broker, who also requested anonymity, said rent prices in the traditionally well-off neighbourhood of Heliopolis in eastern Cairo used to be similar to 6 October rates before the influx of Sudanese refugees, but within months have climbed to 12,000 pounds.

Ashraf, a Sudanese man in his 40s, managed to rent an unfurnished apartment for his family of nine in Hadayek al-Ahram, a working class neighbourhood near the Giza pyramids.

But within a week of moving in, "prices for the same type of unit had gone up from 3,500 to 5,000", he told AFP.

The main cause of the surge in prices across Cairo is not the arrival of many Sudanese, according to real estate market analyst Mahmud al-Lithy Nassef.

"As residents of central Cairo move out of the city to new satellite cities, they've converted their old units to sources of revenue," he said.

The analyst pointed to past surges in demand.

Iraqis, Yemenis and Syrians have all flocked to Egypt to escape conflicts in their countries, and yet the local market had always stabilized, he said.

But until it does, some refugees are being left with nowhere to turn.



COP29 - How Does $300 Billion Stack up?

A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
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COP29 - How Does $300 Billion Stack up?

A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)

Countries agreed at the UN's COP29 climate conference to spend $300 billion on annual climate finance. Here are some ways of understanding what that sum is worth:

MILITARY MIGHT

In 2023, governments around the globe spent $6.7 billion a day on military expenditure, according to the Stockholm International Peace Research Institute.

That means the $300 billion annual climate finance target equates to 45 days of global military spending.

BURNING OIL

$300 billion is currently the price tag for all the crude oil used by the world in a little over 40 days, according to Reuters calculations based on global crude oil demand of approximately 100 million barrels/day and end-November Brent crude oil prices.

ELON MUSK

According to Forbes, Elon Musk's net worth stood at $321.7 billion in late November. The world's richest man and owner of social media platform X has co-founded more than half a dozen companies, including electric car maker Tesla and rocket producer SpaceX.

STORM DAMAGE

Hurricane Katrina, one of the most devastating and deadliest cyclones in US history, caused $200 billion in damage alone in 2005.

This year's climate-fueled Hurricane Helene could end up costing up to $250 billion in economic losses and damages in the US, according to estimates by AccuWeather. While preliminary estimates by Morningstar DBRS suggest Hurricane Milton, also supercharged by ocean heat, could cost both the insured and uninsured nearly $100 billion.

BEAUTY BUYS

The global luxury goods market is valued at 363 billion euros ($378 billion) in 2024, according to Bain & Company.

COPPER PLATED

The GDP of Chile - the world's largest copper producing country - stood at $335.5 billion in 2023, according to World Bank data.

GREECE'S BAIL OUT

Euro zone countries and the International Monetary Fund spent some 260 billion euros ($271 billion) between 2010 and 2018 on bailing out Greece - the biggest sovereign bailout in economic history.

BRITISH BONDS

Britain's new government needs to borrow more to fund budget plans. Gilt issuance is expected to rise to 296.9 billion pounds ($372.05 billion) for the current financial year.

TECH TALLY

A 10% share of tech giant Microsoft is worth just over $300 billion, according to LSEG data. Meanwhile the market cap for US oil major Chevron stood at $292 billion.

CRYPTO

The annual climate finance target amounts to 75% of the total value of the global market for crypto currency Ether, the world's second-largest cryptocurrency.

Alternatively, 3 million Bitcoin would cover the annual climate finance target as the world's largest cryptocurrency closes in on the $100,000 mark following a rally fueled by Donald Trump winning the Nov. 5 US presidential election.