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

Return flights

05 Dec - 17 Jan	United
04 Dec - 08 Dec	United
02 Dec - 09 Dec	Air Europa	direct
15 Dec - 17 Jan	United
02 Dec - 13 Dec	Wizz Air Malta
06 Dec - 16 Dec	Air France
06 Dec - 14 Dec	United
05 Dec - 16 Dec	United
05 Dec - 14 Dec	United
04 Dec - 14 Dec	United
25 Dec - 11 Jan	United
01 Dec - 09 Dec	Air Europa	direct
14 Dec - 19 Jan	Air Europa	direct
29 Dec - 28 Jan	Iberia	direct
13 Dec - 28 Dec	Air Europa	direct
09 Dec - 01 Jan	Air Europa	direct
31 Dec - 11 Jan	United
05 Dec - 10 Jan	United
06 Dec - 10 Jan	United
18 Dec - 13 Jan	United

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 595€

Return flights