Here is a nice article in New York Times about house hunting in Hurghada so read on...
So here is the sum of what you need to know:
In order to buy, you will need cash... forget about financing here.
The Hurghada Real Estate market in a sweet spot in Hurghada: it never really overheated like in other locations, and this location is still up and coming.
Your neighbors are likely to be British, Italian, Russian, Egyptian and Polish.
A word of caution about new construction: This is still a developing country, so be aware that buying a pre-construction properties may be risky. Completion deadlines may stretch and the original specs may not be quite what you were expecting.
Here is a list of Hurghada neighborhood