Excellent points. In my small island country, prices mostly come down to being labor-dominant or material-dominant. The former is cheaper* than the developed world, whereas the latter is more expensive* than the developed world.

*compared using nominal exchange

>The best I’ve found is to track relative migration pressure - where do people want to go?

I like this approach. It's much more holistic and captures stuff that really cannot be quantified with prices and numbers, like freedoms and rights.