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

Return flights

01 Dec - 26 Dec	Turkish Airlines
01 Dec - 27 Dec	Turkish Airlines
01 Dec - 13 Dec	Turkish Airlines
01 Dec - 24 Dec	Air France
08 Dec - 24 Dec	Air France
07 Dec - 24 Dec	Air France
09 Dec - 24 Dec	Air France
29 Dec - 26 Jan	Air Europa	direct
27 Dec - 12 Jan	Air France
01 Dec - 13 Dec	Air Europa	direct
01 Dec - 25 Dec	Air France
01 Dec - 25 Dec	Air Europa	direct
28 Dec - 11 Jan	KLM
17 Dec - 09 Jan	Air France
31 Dec - 11 Jan	Air Europa	direct
25 Dec - 04 Jan	Air France
27 Dec - 12 Jan	Air Europa	direct
25 Dec - 04 Jan	Air Europa	direct
28 Dec - 11 Jan	Air Europa	direct
20 Dec - 01 Jan	KLM

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 $719

Return flights