Book 6-8 weeks ahead for the best fares on the MAD to PTY route.
Tuesday and Wednesday departures are typically 15-20% cheaper.
This is a long-haul flight (~9h 36m). Consider comfort upgrades or stopover options.
Compare 2 airlines on this route: IB, UX.
Check visa requirements for your destination well in advance.

Route details All flights from MAD All flights from PTY