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	Iberia	direct
03 Dec - 28 Jan	Iberia	direct
05 Dec - 09 Dec	Air Europa	direct
07 Dec - 28 Dec	Air Europa	direct
14 Dec - 29 Dec	Air Europa	direct
05 Dec - 13 Dec	United
10 Dec - 30 Dec	Lufthansa
06 Dec - 13 Dec	Air Europa	direct
06 Dec - 21 Dec	Air Europa	direct
17 Dec - 29 Dec	Iberia	direct
15 Dec - 29 Dec	Iberia	direct
03 Dec - 07 Jan	Iberia	direct
10 Dec - 10 Jan	United
05 Dec - 10 Jan	United
27 Dec - 17 Jan	United
06 Dec - 10 Jan	United
03 Dec - 05 Jan	Iberia	direct
08 Dec - 05 Jan	Iberia	direct
23 Dec - 07 Jan	Ryanair
26 Dec - 11 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 $752

Return flights