I like Argentina. In fact, we liked it so much when we visited a couple of months ago that we're buying an apt. in Buenos Aires.
Also, been looking at Uruguay and Nicaragua but there aren't a whole lot of projects without going out there again to look. Been looking at markets where US retirees might be relocating to in future.
Unfortunately, you need cold hard cash to buy in Argentina b/c there's really no decent mortgage financing but at least it's not a speculative property bubble...yet. I also feel more comfortable with the culture, language than in let's say, Malaysia, Thailand, Egypt.
Been concentrating on researching city investments to get a year round rental as opposed to the 3-4 months holiday rental.
Depends on how much you want to invest. B/c of the low dollar I would also look into NYC which is sort of a market unto itself unlike the rest of the US, but entry prices can be high.
Would like to hear other suggestions/projects