Over 250,000 people fled Sudan to Egypt due to ongoing violence with property owners in Cairo seeing this as a chance for business.
Egypt’s inflation reached a record high of 36.8% in June. The pound’s value against the US dollar has dropped by 50% since last year.
Families in import-dependent economy face reduced purchasing power as they struggle to meet expenses.
Realtors in 6 October, west of Cairo, report a sharp increase in demand for housing from new arrivals.
Sudanese families urgently seek housing near UNHCR offices, with rents skyrocketing above market rates.
The average rent for furnished apartments has increased to 10,000 pounds and more near the UNHCR offices, up from 7,000-8,000 pounds.
Real estate market analysts deny that the increase in prices in Cairo is due to the influx of Sudanese.
Residents of central Cairo are converting their old units into sources of revenue as they move to new satellite cities, according to analysts.