I have visited Sharm and Hurghada and found foreigners living there full time (rented and owned properties) there is wide range of properties available, If have contacts in Hurghada who can help locate a property short or long term rental.

Best option would be to go for a week or two and check out the areas, you can travel around Egypt quite easily and cheaply by flying to main areas.

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CrescentHomes real estate, TurkishLiving & EgyptianLiving forums.