[Mitchhhs]

It definitely seems to be to be a supply and demand issue (I guess by definition of market prices this is obvious). On the demand side, there are less venture capital dollars and the sheer volume of companies is lower. On the supply side, there are plenty of local qualified engineers (just look at upwork and how much you can get developers for in other countries).

If you want to get a better idea of specific compensation at tech companies, check out https://www.transparentcareer.com

We collect data in native currencies as well. Full disclosure, i'm the founder, but if you have any specific questions about data in other currencies i'd be happy to pull information for anyone who asks.