Ibn Ezra is not referring here to the borders of Israel at all. He is translating the phrase אפסי ארץ - the ends of the earth - and is describing the entirety of human habitation, as known to him.
He uses the phrase שבעה גבולות בצפון to refer to the seven climes (or climata) of the northern hemisphere, originally proposed by Claudius Ptolemy and later adopted in Arabo-Persian astronomy.
Ptolemy's seven climes are horizontal divisions of the earth into bands, reaching from the equator until a latitude of 48°32' N. Each clime was supposed to have a different level of suitability for habitation.
The phrase אחד בדרום, as far as I can tell, is a reference to Ptolemy's belief that the earth was actually inhabited south of the equator as well, down to a latitude of 16°25' S (see his Geography, 1.10).
For more on Ibn Ezra's use of the term גבולות for the climes, see S. Sela, Abraham Ibn Ezra and the Rise of Medieval Hebrew Science, pp. 107-112.
For more on medieval Jewish conceptions of the earth's habitability, see Resianne Fontaine, Between scorching heat and freezing cold: Medieval Jewish authors on the inhabited and uninhabited parts of the earth.