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

Return flights

31 Dec - 19 Jan	Avianca
06 Dec - 13 Dec	Air Europa	direct
01 Dec - 13 Dec	Air Europa	direct
09 Dec - 16 Jan	Avianca
24 Dec - 06 Jan	Air France
08 Dec - 02 Jan	Avianca
01 Dec - 24 Dec	Air Europa	direct
24 Dec - 31 Dec	Avianca
30 Dec - 03 Jan	Avianca
26 Dec - 20 Jan	Avianca
23 Dec - 06 Jan	Avianca
23 Dec - 03 Jan	Avianca
14 Dec - 03 Jan	Avianca
24 Dec - 03 Jan	Avianca
17 Dec - 31 Dec	Air Europa	direct
06 Dec - 17 Dec	Air Europa	direct
25 Dec - 31 Dec	Air France
24 Dec - 31 Dec	Air Europa	direct
24 Dec - 28 Dec	Air Europa	direct
11 Dec - 24 Dec	Air France

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 588€

Return flights