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Cheap flights from Madrid, Spain to Panama City from £198

This is the cheapest one-way flight price found by a Cheapflights user in the last 72 hours by searching for a flight departing on 26/4. Fares are subject to change and may not be available on all flights or dates of travel.
MAD — PTY
12 May — 19 May1
1 adult
1 adult, Economy, 0 bags
Cheapflights Tip: The best prices from Madrid Barajas to Panama City Tocumen Intl are usually found in May or April, booked 35 days in advance, depart on a Wednesday or Tuesday and return on a Tuesday

Cheap flight deals from Madrid to Panama City

Enter your travel dates to find the best prices.

Cheapest flights from Madrid to Panama City
Explore the most affordable flight options available from Madrid to Panama City. Find the lowest fares from popular airlines and budget airlines, with prices last updated on 12 April 2026.

Tue 21/415:05
MAD
-
PTY
Nonstop10h 35m
Air Europa
Mon 18/520:25
PTY
-
MAD
Nonstop9h 50m
Air Europa
Deal found 10/4£514
Wed 13/515:05
MAD
-
PTY
Nonstop10h 35m
Air Europa
Mon 25/520:25
PTY
-
MAD
Nonstop9h 50m
Air Europa
Deal found 9/4£515
Fri 22/515:05
MAD
-
PTY
Nonstop10h 35m
Air Europa
Sun 24/520:25
PTY
-
MAD
Nonstop9h 50m
Air Europa
Deal found 11/4£516
Sat 23/511:05
MAD
-
PTY
1 stop20h 30m
Avianca
Sat 20/615:50
PTY
-
MAD
1 stop19h 15m
Avianca
Deal found 12/4£534
Wed 13/515:05
MAD
-
PTY
Nonstop10h 35m
Air Europa
Sun 17/520:25
PTY
-
MAD
Nonstop9h 50m
Air Europa
Deal found 7/4£536
Mon 1/615:05
MAD
-
PTY
Nonstop10h 35m
Air Europa
Sun 7/620:25
PTY
-
MAD
Nonstop9h 50m
Air Europa
Deal found 10/4£540
Wed 10/615:05
MAD
-
PTY
Nonstop10h 35m
Air Europa
Sun 28/620:25
PTY
-
MAD
Nonstop9h 50m
Air Europa
Deal found 9/4£541
Sat 23/515:05
MAD
-
PTY
Nonstop10h 35m
Air Europa
Wed 27/520:25
PTY
-
MAD
Nonstop9h 50m
Air Europa
Deal found 11/4£542
Mon 1/615:05
MAD
-
PTY
Nonstop10h 35m
Air Europa
Mon 29/620:25
PTY
-
MAD
Nonstop9h 50m
Air Europa
Deal found 12/4£543
Wed 14/1008:10
MAD
-
PTY
1 stop13h 05m
Avianca
Mon 2/1102:55
PTY
-
MAD
1 stop14h 25m
Avianca
Deal found 8/4£546
Fri 13/1110:50
MAD
-
PTY
1 stop28h 00m
Avianca
Thu 3/1217:50
PTY
-
MAD
1 stop23h 30m
Avianca
Deal found 9/4£552
Sat 6/611:05
MAD
-
PTY
1 stop20h 30m
Avianca
Sat 27/615:50
PTY
-
MAD
1 stop19h 15m
Avianca
Deal found 12/4£556

Find flight deals from Madrid to Panama City

Discover tips and strategies to find the most affordable flight options for your journey from Madrid (MAD) to Panama City (PTY). Learn about various techniques such as flexible date searches, comparing prices across and setting up price alerts. Use these methods to find the cheapest flights available for your travel needs. Data last updated 12 April 2026.

Round-trip from

£514

One-way from

£198

Popular in

December

Cheapest in

May

Average price

£548

Good round-trip deal

£517 or less
Air Europa
  • Air Europa
  • 13/5-17/5
  • Nonstop
  • 20h 25m total
  • Madrid to Panama City
Search Deals
Avianca
  • Avianca
  • 26/4
  • 1 total stop
  • 27h 55m total
  • Madrid to Panama City
Search Deals
Highest demand for flights based on searches. 11% potential increase in price (£60 potential increase over avg. return price).
Search Deals
Cheapest flight prices on average. 2% potential price decrease (£14 potential savings vs. average return price).
Search Deals
Average for round-trip flights in April 2026
Search Deals
Price to beat on a round-trip flight from Madrid Barajas to Panama City Tocumen Intl.
Search Deals

Cheapflights Fare Finder

 
Customise your flight search to find flights from Madrid to Panama City that fit within your specific budget. Explore options based on user searches and filter the results based on your desired price range. Find flights that match your budget for a cost-effective journey. Over the last 7 days, Cheapflights users made 858,174 searches. Data last updated 12 April 2026.
Use the filters below to find and compare flights from Madrid to Panama City that are best for you.

Fly from

Fly to

Route

Depart

Return

Price

Cheapest return flight
Fastest return journey

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Mon 1/6

15:05-18:40

Nonstop10h 35m

Panama City Tocumen Intl

Sun 7/6

20:25-13:15

Nonstop9h 50m

£540

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Wed 10/6

07:40-20:25

1 stop19h 45m

Panama City Tocumen Intl

Wed 1/7

22:20-10:25

1 stop29h 05m

£663

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Sat 30/5

07:40-20:25

1 stop19h 45m

Panama City Tocumen Intl

Sat 6/6

22:20-22:35

1 stop41h 15m

£663

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Tue 16/6

06:00-16:50

1 stop17h 50m

Panama City Tocumen Intl

Tue 30/6

18:50-09:30

1 stop31h 40m

£667

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Tue 16/6

12:00-18:25

2 stops37h 25m

Panama City Tocumen Intl

Tue 30/6

20:05-22:35

1 stop19h 30m

£679

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Sun 31/5

15:05-18:40

Nonstop10h 35m

Panama City Tocumen Intl

Fri 5/6

20:25-13:15

Nonstop9h 50m

£679

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Sun 31/5

15:05-18:40

Nonstop10h 35m

Panama City Tocumen Intl

Tue 30/6

20:25-13:15

Nonstop9h 50m

£682

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Wed 29/4

12:45-13:02

1 stop31h 17m

Panama City Tocumen Intl

Thu 7/5

14:15-09:55

2 stops60h 40m

£693

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Thu 23/7

15:05-18:40

Nonstop10h 35m

Panama City Tocumen Intl

Sun 2/8

20:25-13:15

Nonstop9h 50m

£706

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Sat 16/5

09:50-12:50

1 stop34h 00m

Panama City Tocumen Intl

Sun 24/5

14:15-09:55

2 stops36h 40m

£728

Flights are sorted by cheapest return flights first.

Deals found on 9/4

Showing 1-10 of 19 resultsSorted by cheapest first
1
2

Best time to book a flight from Madrid to Panama City

Have a flexible travel schedule? Discover the best time to fly to Panama City from Madrid with our price prediction graph.
Estimated return price
Rates are based on past data. Find the cheapest month and day to book your flight based on your travel requirements, then search for cheap deals.

Cheapflights Insights

Everything you need to know about your flight from Madrid to Panama City

How far ahead should I book a flight from Madrid to Panama City?

Use this chart to determine the optimal time to book a return flight from Madrid to Panama City. Price data was last updated on 10 April 2026.

The best time to book flights from Madrid to Panama City is 35 days before your desired departure date. The cost of your flight will likely increase significantly if you book two weeks in advance of your flight.

What is the cheapest month to book a flight from Madrid to Panama City?

Currently, October is the cheapest month in which you can book a flight from Madrid to Panama City (average of £424). Flying from Madrid to Panama City in December is currently the most expensive (average of £586). There are several factors that can impact the price of a flight, so comparing airlines, departure airports and flight times can provide users with more options.

What is the cheapest time of day to fly from MAD to PTY?

Find hourly flight availability from Madrid to Panama City. Discover flight options and departure times throughout the day, allowing you to choose a departure time that suits your schedule. Data last updated 12 April 2026.

Regardless of the time of day you decide to fly, the ticket price will remain around the same. Book flights from Madrid to Panama City as you normally would.

How much does it cost for a return flight from Madrid to Panama City?

Reviews of airlines servicing Panama City

Get insights into the airlines that provide service to Panama City. Read reviews, discover amenities, and learn about the overall travel experience offered by airlines. Use this information to make informed decisions when choosing an airline for your flight to Panama City. Reviews last updated 12 April 2026.
See what other customers who have flown with Iberia and Air Europa from Madrid to Panama City have to say. You can also see how each airline compares in terms of entertainment options, comfort, food, crew/service, and boarding process.
Iberia
7.0
Good
3,178 reviews
Check prices

Boarding

7.2

Overall

7.0

Entertainment

6.6

Comfort

6.8

Crew

7.7

Food

6.4

Reviews

1 / 20
10.0
Excellent

Sylvie,Dec 2025

MAD - DSS

No space ,no confortable, and not organised at all àd very tiring and I booked my seat in advance
Iberia
7.0
Good
3,178 reviews
Iberia
7.0
Good
3,178 reviews
Check prices

Boarding

7.2

Overall

7.0

Entertainment

6.6

Comfort

6.8

Crew

7.7

Food

6.4

Reviews

1 / 20
10.0
Excellent

Sylvie,Dec 2025

MAD - DSS

No space ,no confortable, and not organised at all àd very tiring and I booked my seat in advance
Air Europa
6.9
Okay
597 reviews
Iberia
7.0
Good
3,178 reviews
Check prices

Boarding

7.2

Overall

7.0

Entertainment

6.6

Comfort

6.8

Crew

7.7

Food

6.4

Reviews

1 / 20
10.0
Excellent

Sylvie,Dec 2025

MAD - DSS

No space ,no confortable, and not organised at all àd very tiring and I booked my seat in advance

Related info for your journey

Find useful and relevant information for your journey from Madrid to Panama City. Access travel guides, tips, and recommendations to enhance your travel experience. Get information about local attractions, weather, transportation options, and more.

  • What airports do I use to fly from Madrid to Panama City?

    You will need to book a flight from Madrid Barajas to Panama City Tocumen Intl if you want to fly from Madrid to Panama City. At least 2 different airlines have flights from Barajas (MAD) to Tocumen Intl (PTY) on a regular basis. There are 7 flights to Panama City from the Madrid airport per day. If you manage to book one that is nonstop, then you can expect the flight time from MAD to PTY to be around 10h 35m.

  • How popular is this Madrid to Panama City flight route?

    Flights from Madrid Barajas to Panama City Tocumen Intl have been viewed 5 times in the past calendar month.

  • How long is the flight from Madrid to Panama City?

    Departing from Madrid to Panama City will take you 10h 35m. Airlines will cover a distance of 5065 mi. This flight may include one or multiple stops.

  • What are the cheapest airlines flying from Madrid to Panama City round-trip?

    Our cheapest airline available from Madrid to Panama City is Air Europa. Our recent data shows that you can find tickets from as low as £488 on this airline. An additional option worth looking into is Iberia, starting at £515. Air Europa is 22% cheaper than the average price of flights available within the next 90 days to this destination.

  • What are the most reliable airlines from Madrid to Panama City?

    Looking for the most reliable airlines to get you to your destination on time? Our data shows these are most likely to get you from Madrid to Panama City on time: Air Europa (65%), Etihad Airways (65%), China Eastern (65%).

  • What are the cheapest flights from Madrid to Panama City?

    The cheapest flight price from Madrid to Panama City is £496. On average you can expect to pay £562. The most popular route, (Madrid Barajas - Panama City Tocumen Intl), can usually be booked for £568.

  • Can I find deals for flights from Madrid to Panama City that include hotel bookings?

    Yes. In addition to deals on Madrid to Panama City flights, Cheapflights offers holiday packages that include both flights and hotel.

  • How can I find direct flights from Madrid to Panama City?

    After entering your origin and destination, apply the non-stop filter on the search result page to find direct flights from Madrid to Panama City.

  • Can I find deals for business class flights from Madrid to Panama City?

    Yes. Cheapflights offers flight deals from Madrid to Panama City by cabin class. In addition to browsing deals, you can also filter by cabin class on the search results page after making a search.

  • What is the cheapest month to book a flight from Madrid to Panama City?

    Currently, October is the cheapest month in which you can book a flight from Madrid to Panama City (average of £424). Flying from Madrid to Panama City in December is currently the most expensive (average of £586). There are several factors that can impact the price of a flight, so comparing airlines, departure airports and flight times can provide users with more options.

See more FAQs

Travelling to a place near Panama City?

Book flights to Panama City if you plan to visit one of these locations
San Blas

Browse thousands of different options on Cheapflights for your next trip

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Top 2 airlines flying from Madrid to Panama City

Discover the top 2 airlines that operate flights from Madrid to Panama City. Compare their services, reliability, and customer satisfaction ratings to choose the airline that best suits your travel preferences and needs. Over the last 7 days, Cheapflights users made 858,174 searches. Data last updated 12 April 2026.
AirlineCheapestAverageFlexibilityOn-time
Air EuropaCheapest£488Average£544FlexibilityNo cancel feeOn-time83%
Search Air Europa flights
IberiaCheapest£515Average£520FlexibilityNo cancel feeOn-time77%
Search Iberia flights

Fly with Cheapflights

Find the best flight deals on Cheapflights, where travellers can enjoy low prices and a wide availability of flights to their desired destinations.

How does Cheapflights help users find flights from Madrid to Panama City?

Deals for Madrid to Panama City flights are sourced from 900+ travel sites when you use Cheapflights. When all flight results come back, Cheapflights lets you sort and filter flights using different criteria to choose better, like price, airport, cabin class, and plenty of other options.

Why should you use Cheapflights to find cheap flight tickets from Madrid to Panama City?

Cheapflights helps you find that perfect flight to Panama City from Madrid by searching from hundreds of airlines and agencies you know and love. We are also free to use, in case you were wondering!

Can Cheapflights find flights from Madrid to Panama City with no change fees?

Cheapflights does show flights with no change fees to all users. To see these options for flights from Madrid to Panama City, users can toggle the no change fees filter when performing a flight search.

Can Cheapflights notify me if prices for flights from Madrid to Panama City become cheaper?

Not ready to book yet? You can track prices for flights from Madrid to Panama City on Cheapflights with our Price Alert feature and get notified when better prices are available.

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