AirHint found the following cheapest return flights from Madrid (MAD) to Panama City (PTY) in December 2026 (see full year).

Return flights

01 Dec - 15 Dec	Avianca
28 Dec - 16 Jan	Avianca
15 Dec - 19 Jan	Air Europa	direct
16 Dec - 09 Jan	Iberia	direct
19 Dec - 09 Jan	Iberia	direct
13 Dec - 13 Jan	Iberia
21 Dec - 11 Jan	Iberia	direct
27 Dec - 04 Jan	Avianca
12 Dec - 12 Jan	Avianca
18 Dec - 27 Dec	Avianca
18 Dec - 28 Dec	Avianca
18 Dec - 26 Dec	Avianca
17 Dec - 31 Dec	Air Europa	direct
01 Dec - 15 Dec	Air Europa	direct
13 Dec - 13 Jan	Air Europa	direct
12 Dec - 12 Jan	Air Europa	direct
23 Dec - 30 Dec	Avianca
25 Dec - 29 Dec	Avianca
08 Dec - 30 Dec	Air Europa	direct
18 Dec - 28 Dec	Air Europa	direct

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 725€

Return flights