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Cheap flights from Madrid, Spain to Panama City from £293

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 21/8. Fares are subject to change and may not be available on all flights or dates of travel.
MAD — PTY
16 Aug — 23 Aug1
1 adult
1 adult, Economy, 0 bags
Cheapflights Tip: The best prices from Madrid Barajas to Panama City Tocumen Intl are usually found in April or May, booked 35 days in advance, depart on a Wednesday or Thursday and return on a Wednesday

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 17 July 2026.

Mon 14/906:00
MAD
-
PTY
1 stop17h 50m
KLM
Thu 24/918:50
PTY
-
MAD
1 stop21h 35m
KLM
Deal found 16/7£598
Mon 17/814:35
MAD
-
PTY
2 stops29h 20m
Delta
Mon 24/814:20
PTY
-
MAD
1 stop14h 55m
Delta
Deal found 12/7£598
Mon 14/915:55
MAD
-
PTY
Nonstop10h 40m
Iberia
Sun 4/1021:05
PTY
-
MAD
Nonstop10h 05m
Iberia
Deal found 14/7£602
Wed 4/1112:00
MAD
-
PTY
Nonstop11h 05m
Iberia
Sun 8/1118:35
PTY
-
MAD
Nonstop10h 05m
Iberia
Deal found 14/7£603
Sun 20/914:35
MAD
-
PTY
2 stops53h 23m
Delta
Thu 8/1014:21
PTY
-
MAD
2 stops32h 59m
Delta
Deal found 17/7£605
Tue 15/915:05
MAD
-
PTY
Nonstop10h 35m
Air Europa
Tue 6/1020:25
PTY
-
MAD
Nonstop9h 50m
Air Europa
Deal found 14/7£606
Mon 31/814:35
MAD
-
PTY
2 stops29h 20m
Delta
Tue 15/914:23
PTY
-
MAD
2 stops22h 12m
Delta
Deal found 12/7£606
Sun 6/907:00
MAD
-
PTY
2 stops36h 55m
Delta
Mon 21/914:23
PTY
-
MAD
2 stops32h 57m
Delta
Deal found 16/7£607
Sun 23/820:05
MAD
-
PTY
1 stop21h 25m
Avianca
Mon 24/817:55
PTY
-
MAD
1 stop23h 25m
Avianca
Deal found 14/7£608
Tue 22/915:05
MAD
-
PTY
Nonstop10h 35m
Air Europa
Fri 9/1020:25
PTY
-
MAD
Nonstop9h 50m
Air Europa
Deal found 17/7£609
Mon 31/815:05
MAD
-
PTY
Nonstop10h 35m
Air Europa
Tue 15/920:25
PTY
-
MAD
Nonstop9h 50m
Air Europa
Deal found 12/7£612

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 17 July 2026.

Round-trip from

£598

One-way from

£293

Popular in

December

Cheapest in

April

Average price

£716
KLM
  • KLM
  • 14/9-24/9
  • 2 total stops
  • 39h 25m total
  • Madrid to Panama City
Search Deals
Avianca
  • Avianca
  • 21/8
  • 1 total stop
  • 15h 20m total
  • Madrid to Panama City
Search Deals
Highest demand for flights based on searches. 9% potential increase in price (£52 potential increase over avg. return price).
Search Deals
Cheapest flight prices on average. 2% potential price decrease (£13 potential savings vs. average return price).
Search Deals
Average for round-trip flights in July 2026
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 17 July 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

Thu 17/9

15:05-18:40

Nonstop10h 35m

Panama City Tocumen Intl

Tue 6/10

20:25-13:15

Nonstop9h 50m

£606

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Fri 18/9

15:05-18:40

Nonstop10h 35m

Panama City Tocumen Intl

Tue 6/10

20:25-13:15

Nonstop9h 50m

£606

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Sun 6/9

07:00-12:55

2 stops36h 55m

Panama City Tocumen Intl

Mon 21/9

14:23-06:20

2 stops32h 57m

£607

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Sun 20/9

14:35-12:58

2 stops53h 23m

Panama City Tocumen Intl

Fri 2/10

14:23-09:30

2 stops36h 07m

£648

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Thu 17/9

15:05-18:40

Nonstop10h 35m

Panama City Tocumen Intl

Sun 4/10

20:25-13:15

Nonstop9h 50m

£657

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Mon 31/8

15:05-18:40

Nonstop10h 35m

Panama City Tocumen Intl

Tue 15/9

20:25-13:15

Nonstop9h 50m

£668

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Thu 29/10

11:55-20:05

1 stop38h 10m

Panama City Tocumen Intl

Mon 2/11

22:00-16:25

1 stop36h 25m

£698

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Wed 16/9

14:35-12:58

2 stops29h 23m

Panama City Tocumen Intl

Sat 3/10

14:23-06:20

2 stops32h 57m

£716

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Wed 16/9

15:05-18:40

Nonstop10h 35m

Panama City Tocumen Intl

Sat 3/10

20:25-13:15

Nonstop9h 50m

£716

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Sat 29/8

05:55-04:04

2 stops29h 09m

Panama City Tocumen Intl

Sat 5/9

09:45-09:00

1 stop16h 15m

£718

Flights are sorted by cheapest return flights first.

Deals found on 16/7

Showing 1-10 of 22 resultsSorted by cheapest first
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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?

The best time to book flights from Madrid to Panama City is 34 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, April is the cheapest month in which you can book a flight from Madrid to Panama City (average of £542). Flying from Madrid to Panama City in December is currently the most expensive (average of £817). 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 17 July 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 17 July 2026.
See what other customers who have flown with Air Europa and Iberia 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.
Air Europa
7.0
Good
628 reviews
Check prices

Crew

7.5

Overall

7.0

Boarding

7.1

Comfort

6.9

Food

6.3

Entertainment

6.5

Reviews

1 / 16
10.0
Excellent

Anonymous,Jul 2026

FCO - MAD

Crew was very nice and attentive. Comfortable plane Better movies selection
Air Europa
7.0
Good
628 reviews
Air Europa
7.0
Good
628 reviews
Check prices

Crew

7.5

Overall

7.0

Boarding

7.1

Comfort

6.9

Food

6.3

Entertainment

6.5

Reviews

1 / 16
10.0
Excellent

Anonymous,Jul 2026

FCO - MAD

Crew was very nice and attentive. Comfortable plane Better movies selection
Iberia
7.0
Good
3,258 reviews
Air Europa
7.0
Good
628 reviews
Check prices

Crew

7.5

Overall

7.0

Boarding

7.1

Comfort

6.9

Food

6.3

Entertainment

6.5

Reviews

1 / 16
10.0
Excellent

Anonymous,Jul 2026

FCO - MAD

Crew was very nice and attentive. Comfortable plane Better movies selection

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 1 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 £486 on this airline. An additional option worth looking into is Iberia, starting at £513. Air Europa is 23% 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: Qatar Airways (80%), Iberia (80%), EL AL (80%).

  • 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, April is the cheapest month in which you can book a flight from Madrid to Panama City (average of £542). Flying from Madrid to Panama City in December is currently the most expensive (average of £817). 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

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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 17 July 2026.
AirlineCheapestAverageFlexibilityOn-time
Air EuropaCheapest£486Average£563FlexibilityNo cancel feeOn-time83%
Search Air Europa flights
IberiaCheapest£513Average£518FlexibilityNo 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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