I’d go for Egypt. And I wouldn’t use an agency over here selling properties over there. Try visiting somewhere like Hurgarda. Stay at a good hotel, such as the Hilton (there are two in Hurgada – stay at the most expensive). Get talking to the bar staff, reps etc. You will be able to get a new apartment for £10 – 15K.
It’s a big risk but the sea is amazing (try diving or even just snorkelling). The Egyptians are big hearted people. 😉