Another good idea, I like the thinking, like you say similar line to MFP only abroad.
There's definitely benefits, like you say, cheaper land and cost of living, less strict on building regulations. Few problems for me would be the language barrier, distance from and cost of visiting family (if applicable).
Also though, for me the main reason is, and I do try to be optimistic but the reality is, the future is looking bleak, what with the purposely caused economic crash and austerity measures, add the natural or man-made environmental disasters, food shortages (grain and wheat price doubled causing some of the recent anger in the Middle-East and it's only going to get worse) - so basically, as governments have planned for, and as we've already seen in many countries, we're going to see massive civil unrest throughout the world over the next few years, and I'd rather be in my 'own' country, a place where other locals won't resent my presence and where I wont be 1st on the list to be eaten if a famine occurs.
Although, I think we might have to move out of the UK and further south in the next decade anyway - maybe the south of France would be better? Or Slovenia? Slovenia is a nice country, maybe a little mountainous in areas but plenty of water, and I know in France the building regulations are basically 'on your head be it', meaning, build what you like but if it falls down and you're injured or die it's your own fault and obviously you can't sue anyone, plus a lot of them speak English.