by Marwa Yahya
CAIRO, July 18 (Xinhua) -- With a budget squeezed by high inflation and rising travel costs, Egyptians have to reconsider or even abandon their plans for "El-Masyaf," which means "the summer destination" in Arabic and usually refers to Egyptians' habit of taking summer vacations in coastal cities.
The country's annual inflation rate rose to an all-time high of 36.8 percent in June, up from 14.7 percent in the same period in 2022.
Ashraf Ramzy, a 47-year-old teacher, who used to plan a family trip for a fresh start before the new academic year started, told Xinhua that the soaring prices compelled him to change his family's cherished "El-Masyaf" itinerary.
Last year, Ramzy and his family traveled to a compound in El Sahel, which culturally refers to the northern coastline of Egypt along the Mediterranean Sea and is the popular destination for Egyptians' "El-Masyaf" due to its relatively cool weather in the summertime.
This year, the price of spending a week in a two-bedroom chalet there nearly doubled, and his limited summer vacation budget of 15,000 Egyptian pounds (about 485 U.S. dollars) can no longer afford a family trip to the northern coast.
Consequently, the family has had to settle for a more affordable destination, the Ain Sokhna district in northeastern Egypt, which is rather a warm region more suitable for winter holidays.
El Sahel used to be the perfect seaside destination for Egypt's middle- and high-income families. However, it has now become an exclusive haven catering to elites impervious to the fluctuations of the local currency, which has lost half its value since March 2022.
Kareem Sobhy, a broker in El Sahel, reaffirmed that "rents this summer are really shocking, and many clients have canceled their reservations."
Sobhy noted a four-bedroom villa that can accommodate at least six adults costs 12,000 pounds per day in beach season, adding that many of his loyal clients have shortened their stay from one week to three nights or opted for economical Red Sea resorts.
In response to the financial strain facing some Egyptians, online loans have become an inviting option for those eager to escape the pressures of work and study during their vacations.
Mourad Aly, an engineer, recently applied for a six-month installment loan through an online platform to fund his summer vacation with his daughter following her high school exams on July 13.
"After cutting the initial fees and interest, the application costs me 6,500 Egyptian pounds per month," Aly said.
While the majority of Egyptians consider "El-Masyaf" essential for rejuvenation and relief, Habiba Adel, a housewife in her 50s, believes it is not a luxury her average family can afford. In lieu of a lengthier vacation, Adel plans to treat her children to a budget-friendly one-day outing to a cost-effective beach in Alexandria, bringing along homemade sandwiches to savor the summer ambiance. ■
