I'm sorry, crombiestone, but having spent 9 days in Hurghada speaking to a large number of developers, real estate agents, lawyers and a number of other people connected with the property business in the area, I have to disagree with many of your points.
The Al-Ahyaa/El Noor/Mubarek 7 area, which is halfway between Hurghada and El Gouna, has only recently been zoned for tourism by the authorities, with full infrastructure (grid electricity, water, sewerage) only now being connected with the rest of Hurghada.
Pyramids 2 is one of many developments all being built in this region, others being Oasis Resort, Regency Beach, Manta Resort, Royal Mirage, Palma Resort Phase 2, Marina Del Or, etc. and I am sure several more that I am not yet aware of.
There is at least one shopping mall planned for this area and, with 2-3000 apartments all being planned for this region, obviously other enterprising retailers are going to want to offer other products and services to this captive market.
Sure, there's not much there at the moment. But come 2009 when all of these developments are online, there will definitely be plenty of infrastructure around it.
It's not going to be as exclusive an area as Sahl Hasheesh or El Gouna, but the prices of the properties represent this as they are all substantially cheaper.
So there might not be so many flights from the UK to Hurghada. I've posted this point before, but it seems a lot of people forget that the British aren't the only people in Europe who take holidays. Condor in Germany alone run more flights into Hurghada than all of the UK airlines put together - you can get to Hurghada from a dozen citiies in Germany all the year round. There are constant reports here that you just can't get accommodation in Hurghada at the moment as demand for holidays there is greater than supply.
You just need to look at the arrivals and departures board in Hurghada airport to see that the UK market is just a very small proportion of the overall tourist business.
Yes there's a lot of development in the Hurghada area but, when you compare the levels with other developing markets in such places as Turkey or Morocco (which don't have 12 months seasons or the diving opportunities on the Red Sea) you can see that the market is still very much in its infancy.
There's plenty more information on these factors contained in Propertastic's Complete Guide to Hurghada Property and Egypt's Red Sea Riviera Real Estate which is available for a free download for the next 48 hours at:
propertastic.com/hurghada/
And, from Monday, in book form from Amazon at:
http://www.amazon.co.uk/gp/redirect....&creative=6738