At first thought, you might not expect to find Columbia on this list, but the city of Medellin has so much to offer, making it a great place to own a vacation home. This city is considered very safe and it offers a euro-chic lifestyle with a warm climate and beautiful scenery. In addition to the fantastic location, Columbia is also a great place to invest in property. Because of the nice exchange rate currently, the dollar is worth more pesos now than it has been in almost eight years. That means anyone with U.S. dollars is going to find a nice discount on just about everything.