Think the iPhone 5 is expensive without a contract? The 16GB version, without a new contract, can cost as much as $650 here in the United States, but it's fetching almost twice that price in Gaza. According to Reuters, retailers who purchase the phone in bulk abroad are charging about $1,170 for the 16GB iPhone 5 and $1,480 for the 64GB model to techies in Gaza City who are either keeping them or reselling them around the Middle East.

"I ordered 30 and I've sold 20 so far," one iPhone 5 reseller told Reuters. "We can order as many as we want. But most people are waiting for the price to go down. They're pretty expensive."

Reuters said the price is so high because there aren't any official iPhone retailers in the area and because of "bribes paid in Egypt to facilitate the smuggling." It looks like people are willing to pay whatever it takes to get their hands on one of the world's most popular smartphones.

[via Reuters]