I agree with you on we live in a world where immediate economic gains drive a lot of malinvestment (of resources and time in the future), I talk about it often. I have seen many people think their wealth is in their homes and end up with nothing, I encourage people to deleverage and not have 60-90% of their wealth in a home.
Indeed all you mention their location, access to amenities, political stability, capital inflows in the region are all speculative value adds that you need to price into the purchase.
It's like buying equity in a company, how much are you willing to pay to get access to their free cash flows that may be used to pay you divident or increase the price of your investment in the future. We don't know if the company will continue to do well, but we hedge that future risk price it in and make the purchase.
I think many homeowners don't do this, they price the home based on what the bank is willing to give them and because the majority of homeowners don't take the time to run the numbers on a value basis, they just bid up prices like a passive index fund. Whatever money the bank allows gets ploughed into the property price.
I totally get the motivation, but there you already mention the cost-benefit, you're getting more space to both work from home and you made an investment decision that has the potential to offset the losses. I eventually have to do this I know, I am just building up capital reserves.
I am also not tied to purchasing in any one country least of not my own, as I also work remotely I have the luxury of spending less as the location doesn't matter as much, more the value/size amenities I can get for my money