There's only so much room in the center of the capital, and making more costs a titanic amount of effort. Even that runs out eventually, as you can only build so high.
Otherwise, why would we be having a problem? Move to Serbia and buy an apartment for $40K.
* Speaking the language -- in some places they don't speak much English, and certainly don't do official paperwork in it.
* Local laws
* Safety
* How much stuff you need is going to be nearby
* Internet access
* Local culture
* Employment
* Friends and family
Like, I don't know much about Serbia (just looked up where housing is cheap), but from what I hear I could get a pretty good deal if I moved to Russia -- they're desperate for tech workers and offering some very good perks regarding mortgages and so on. But on the other hand, is living in Russia that good of a deal right now? I don't think so.
They've got a bad government, slow and very restricted internet access, a not terribly pleasant society overall in my impression, and the economy is circling the drain due to all the sanctions.
I'm on 1Gbps fiber, and can get 10G/10G fiber for cheap at my home right now, and just finished with the preparations.
Until we develop Star Trek teleportation I cannot replace my apartment with a cheaper one 1000km away.
That's why hoarding real estate is exploitation of people's basic needs.