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

Return flights

08 Dec - 08 Jan	United
01 Dec - 08 Dec	Iberia	direct
11 Dec - 23 Dec	United
15 Dec - 15 Jan	United
09 Dec - 24 Dec	United
05 Dec - 21 Dec	United
11 Dec - 21 Dec	United
09 Dec - 24 Dec	Air Europa	direct
12 Dec - 27 Dec	Air Europa	direct
12 Dec - 29 Dec	United
03 Dec - 15 Dec	Iberia	direct
01 Dec - 29 Dec	Iberia	direct
25 Dec - 11 Jan	United
28 Dec - 12 Jan	United
23 Dec - 09 Jan	United
30 Dec - 13 Jan	United
30 Dec - 17 Jan	United
24 Dec - 10 Jan	United
05 Dec - 07 Jan	Avianca
14 Dec - 18 Jan	Turkish Airlines

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 $704

Return flights