You haven't said if you want to be in the city, on the coast or up in the mountains.
Also do you want a house or a condo apartment?
Panama City is right on the Pacific. A lot of people are tiring of
the noise and traffic congestion of the city and are looking to
move out of it. If you want to live out of the city, but on the
beach, you can look at Coronado (about an hour's drive out of
the city). There are development all along the coast, on the
way to Coronado, where you can live on the beach or with a
beach view, in a gated development.
There are upscale residential areas of PanamaCity. One would be Paitilla, probably the wealthiest neighborhood in Panama. Altos de Golf, is a very nice area of large homes, but it is not on the
water.
A new development, close to the water is Punta Del Este. It is
farther out of town, but new and looks just like Miami.
If you want to be out of the city, but not on the water, there is
Cerro Azul. It is a single family residential area up in the low mountains, east of the city and has wonderful views of the city
and the Pacific.
Further west, almost to the border is Boquete. It has the largest number of Americans all in single family homes in gated communities. It is a seven hour drive or a 70 dollar plane ride from the city. It is in the mountains and the weather is "spring like" all year round.
Send me an email if you want more detail. I don't sell real estate.I have lived here for five years.