AirHint found the following cheapest return flights from Madrid (MAD) to Panama City (PTY) in December 2025 (see full year).

Return flights

01 Dec - 08 Dec	KLM
05 Dec - 08 Dec	Avianca
02 Dec - 09 Dec	Avianca
03 Dec - 10 Dec	Avianca
01 Dec - 07 Dec	Avianca
02 Dec - 10 Dec	Avianca
03 Dec - 11 Dec	Avianca
02 Dec - 08 Dec	Avianca
01 Dec - 08 Dec	Iberia	direct
05 Dec - 08 Dec	Air Europa	direct
08 Dec - 14 Jan	United
13 Dec - 03 Jan	Turkish Airlines
27 Dec - 10 Jan	Turkish Airlines
29 Dec - 10 Jan	Turkish Airlines
26 Dec - 05 Jan	Turkish Airlines
06 Dec - 06 Jan	Air Europa	direct
23 Dec - 03 Jan	Ryanair
17 Dec - 01 Jan	Turkish Airlines
29 Dec - 10 Jan	Iberia	direct
17 Dec - 03 Jan	Turkish Airlines

Also check the deals for one-way flights from Madrid to Panama City in December.

The deals are updated regularly. The prices may go up as tickets are purchased by other travellers. Only the cheapest flights are offered. Select a price to book and secure these cheap prices.

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Cheapest return flights from Madrid to Panama City in December from 629€

Return flights