I assume you are talking about Panama City, Panama. I just saw a program on somebody looking for a house to buy there and it appears to be quite reasonalble compared to other parts of the world. There seems to be a lot of property available at reasonable prices as I remember. You should be able to go online and find a real estate company that you can see pictures of houses and their prices.
Thanks Sitges, you're right about the good quality/price of the property but I need some impartial advice from someone who's actually been there or even better, lived there for a while. Is it a nice place to be, friendly/safe etc. Obviously I plan to visit but any info upfront would be appreciated - thanks