I would think hosting would be the same or even more expensive in places such as Russia, South America, and Africa. But just to make sure I'm not missing out on anything, is hosting cheaper in other places outside the US and Europe? I'm particularly interested in dedicated servers.
Even it is cheaper, you don't want to do it. 1) the tech/cust support might not know english. Also the time zone is differnt so you might have problem contacting them if they are not 24/7 2) if they scam you, there is nothing much you can do.