Consider the three following (see below) files: test.tex is in the main directory, test1.tex is in the subdirectory ./test1/ and test11.tex is in the subsubdirectory ./test1/test11/ (see the directory structure below).
When I compile with auctex (C-c C-c) from the buffer where I read test11.tex, the file is compiled correctly: no problem. However, if I want to compile only the region (see screenshot below) where the figure environement is (C-c C-r), it fails. The _region_.tex produced by auctex in the directory where the master-file is is reproduced at the end of the question. This happens because no import-related command is issued in the _region_.tex file: thus the graphicspath is not adjusted. Is there a workaround?
Note: I can add the directory of the imported and subimported files in the Local Variables section it if can help.

├── _region_.aux
├── _region_.log
├── _region_.pdf
├── _region_.tex
├── test1
│ ├── test11
│ │ ├── KnuthAtOpenContentAlliance.jpg
│ │ ├── test11.log
│ │ └── test11.tex
│ └── test1.tex
├── test.aux
├── test.log
├── test.pdf
├── test-pics.pdf
└── test.tex
% This is ./test.tex
\documentclass{article}
\usepackage{graphics}
\usepackage{import}
\begin{document}
\import{./test1/}{test1.tex}
\end{document}
% This is ./test1/test1.tex
\subimport{test11/}{test11.tex}
% Local Variables:
% TeX-master: "../test.tex"
% End:
% This is ./test1/test11/test11.tex
% http://commons.wikimedia.org/wiki/File:KnuthAtOpenContentAlliance.jpg
\begin{figure}
\includegraphics{KnuthAtOpenContentAlliance}
\end{figure}
Test...
% Local Variables:
% TeX-master: "../../test.tex"
% End:
This is the file _region_.tex produced by auctex.
\message{ !name(../../test.tex)}% This is ./test.tex
\documentclass{article}
\usepackage{graphics}
\usepackage{import}
\begin{document}
\message{ !name(test1/test11/test11.tex) !offset(-4) }
\begin{figure}
\includegraphics{KnuthAtOpenContentAlliance}
\end{figure}
Test...
\message{ !name(../../test.tex) !offset(-7) }
\end{document}

_region_.pdfin the master file directory? – Sašo Živanović Feb 24 at 20:31