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

Return flights

24 Dec - 16 Jan	Avianca
29 Dec - 25 Jan	Air France
30 Dec - 13 Jan	Air France
27 Dec - 25 Jan	Air France
27 Dec - 25 Jan	Air Europa	direct
02 Dec - 16 Dec	Turkish Airlines
25 Dec - 04 Jan	Air France
24 Dec - 16 Jan	Air Europa	direct
01 Dec - 25 Dec	Air France
01 Dec - 15 Dec	Air Europa	direct
08 Dec - 15 Dec	Air Europa	direct
09 Dec - 23 Dec	Air France
26 Dec - 03 Jan	Air France
20 Dec - 17 Jan	Air Europa	direct
21 Dec - 11 Jan	Air France
16 Dec - 29 Dec	Air France
06 Dec - 22 Dec	Iberia	direct
02 Dec - 16 Dec	Air Europa	direct
19 Dec - 29 Dec	KLM
19 Dec - 29 Dec	Air Europa	direct

Also check the deals for one-way flights from Panama City to Madrid 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 Panama City to Madrid in December from 618€

Return flights