Panama City is more advanced (and safer) than Colon. Lots of ex-pats buy land by elevation/temperature and build on it, but that gets very sticky. (Panama has 10,000’ high mountains!)
As in many Central American countries, you can buy a fantastic property, but getting the contruction materials and crew out to it is the hard part. The easiest and safest way to go is to buy an existing condo in a secure suburban area. There is a high wall around the entire block, with security at the entry point from the street. This allows you to leave the country without worrying (much) about your home being robbed or looted while you are gone.
The cost of living is cheap and the quality of life is high in Panama. Panama got a big “head start” on the rest of Central America due to the canal and canal zone.
Great points, thanks for the advice, yeah it makes sense the Canal Zone woulda had something to do with it. It really sounds like Panama is in a nice cushion right now, great quality cities and conditions but the costs haven’t yet caught up to it. Worth looking into.