You want a country where the trend is in the right direction in terms of
economic growth and economic freedom including property rights, rule of law, bureaucracy, taxes. And the trend can be from a very low level. Or a safe haven place that keeps strong economic freedom with low taxes and attracts ppl while the world goes in the wrong direction. Or a country with good fundamentals, just in a temporary crisis.
And thinking about it, temporary can be pretty long, like
Estonia had a "temporary" crisis in the sense of it being conquered by the Soviet Union and having communism imposed on it for 50 years. The strong fundamentals were still there though, and when regaining independence in the 1990s real estate in Estonia was a fantastic opportunity.
Real estate in Ireland in the global financial crisis and its aftermath in 2009 - 2014 was also a great buying opportunity in a place with strong fundamentals during a temporary crisis.
As to right now, I dont see so many temporary crisis opportunities. Maybe Venezuela, if the governance there just reverts to standard South American mismanagement, and moves away from Chavism down-into-the-abyss leftism.
The world is however entering a period of crisis so opportunities will come up where there are overlevered households, increasing interest rates and a tanking economy. I see upcoming potential property crashes in Scandinavia, US, Canada, Australia. Still too early though.
As to trending in the right direction: Much of Central Asia, El Salvador, and actually for the first time in like a 100 years Argentina if Milei wins or they just start with sensible policies. South East Asia is trending in the right direction, but they limit foreigners purchase of real estate unfortunately. Lots of places in Sub-Saharan Africa with good trends. Also ex-Yugoslavia/Balkans like Montenegro, Albania.
And safe haven places: Paraguay,
Uruguay, the low tax well run Caribbean islands, UAE, Switzerland (interesting if prices go down a bit which is possible), Cyprus (and North Cyprus too actually),
Panama, San Marino, Andorra. More speculative: Roatan island in Honduras. Expensive but solid and will likely get more expensive:
Monaco,
Singapore