Which place is cheaper, Panama City or Madrid?
These are the overall average travel costs for the two destinations. These travel costs come from the actual spending of real travelers.
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Should you visit Madrid or Panama City?
Which is cheaper to visit? Which is more expensive for vacation?
Trying to figure out where to travel next? This travel comparison between Madrid and Panama City can help. It includes a travel cost comparison in addition to other factors. For many travelers, the cost of a destination is a primary consideration when choosing where to go.
Where Should I go: Madrid or Panama City?
Madrid
Madrid, the capital of Spain, overs visitors countless opportunities to experience Spain's culture, art, cuisine, and nightlife. It is the largest city in Spain, and as such has much to explore. The city is situated on the Iberian Peninsula on the Spanish central Castillian plateau. If you're flying into Spain, you'll likely fly into the Madrid airport as it's one of the largest airports in Europe. Madrid is well connected to the rest of Spain with planes, trains and buses, making it a popular place to visit for many travelers doing a European tour.
Panama City
Panama City is the cosmopolitan capital city of the country of Panama. With a population of almost 900,000 and almost 1.5 million in the metropolitan area, it's a very diverse city with expat residents from all over the world. You don't have to search far to find someone who speaks English, and many Panamanians are quite helpful and friendly.
For some great organized tour ideas, see The Best One-Week (7-Day) Tours from Barcelona, The Best 10-Day Tours from Madrid, The Best Budget Tours to Panama, and The Best One-Week (7-Day) Tours from Panama City.
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Madrid Prices
Spain PricesPanama City Prices
Panama Prices -
Average Daily Cost Per person, per dayMadrid €162Panama City €89
The average daily cost (per person) in Madrid is €162, while the average daily cost in Panama City is €89. These costs include accommodation (assuming double occupancy, so the traveler is sharing the room), food, transportation, and entertainment. While every person is different, these costs are an average of past travelers in each destination. What follows is a categorical breakdown of travel costs for Madrid and Panama City in more detail.
Accommodation
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Accommodation Hotel or hostel for one personMadrid €78Panama City €31
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Accommodation Typical double-occupancy roomMadrid €156Panama City €62
Compare Hotels in Madrid and Panama City
Looking for a hotel in Madrid or Panama City? Prices vary by location, date, season, and the level of luxury. See below for options and compare which is best for your budget and travel style.
Kayak helps you find the best prices for hotels, flights, and rental cars for destinations around the world. Compare prices for multiple destinations when planning your next trip.
Our Analysis
We've analyzed the average and typical hotel prices based on guest reviews, star ratings, and hotel amenities here: Madrid Hotel Prices and Panama City Hotel Prices.
Local Transportation
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Local Transportation Taxis, local buses, subway, etc.Madrid €18Panama City €9.33
Typical Local Transportation Prices in Madrid
Some typical examples of transportation costs in Madrid are as follows:
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Taxi Ride€26
Hired Cars and Shuttles in Madrid
Also for Madrid, here are a few examples of actual transportation services:
- Private tour of Prado & Reina Sofía, tickets and transfer included: $286
- Private Transfer from Moratalla to Alicante–Elche (ALC) Airport: $273
- Private Transfer from Bolnuevo to Alicante–Elche (ALC) Airport: $254
- Private Transfer from La Manga strip dos Mares to Alicante–Elche (ALC) Airport: $237
- Private Transfer to Toledo or Segovia from Madrid: $233
- Private Transfer from La Manga Club to Alicante–Elche (ALC) Airport: $227
- Private Transfer from Corvera Golf Resort to Alicante–Elche (ALC) Airport: $218
- Private Shuttle Transfer from City Centre to Airport: $210
- Private Transfer from Cieza to Alicante–Elche (ALC) Airport: $205
- Private Transfer from El Verger to Alicante–Elche (ALC) Airport: $191
- Private Transfer from La Torre Golf to Alicante–Elche (ALC) Airport: $182
- Private Transfer from Hacienda Riquelme Golf Resort to Alicante (ALC) Airport: $180
Hired Cars and Shuttles in Panama City
Also for Panama City, here are a few examples of actual transportation services:
- Panama 2 days / 1 night : hotel, transfers and city tour: $278
- Private Transfer from Panama City or PTY Airport to Beach Resort: $220
- Panama Airport (PTY) to Decameron - Round-Trip Private Transfer: $208
- Private Transfer from Panama City Airport to Beach Resorts: $175
- San Blas Day Trip (Transfers & Lunch included): $175
- Transfer from Tocumen Airport to Colon Cruise Port: $160
- Panama Tocumen Airport(PTY) to Colón Round-Trip Private Transfer: $152
- Private Transfer from Panama Tocumen Airport (PTY) to Colón resorts: $146
- Private Transfer from Panama Airport (PTY) to Colón Resorts: $146
- Panama Tocumen Airport PTY to Decameron -Arrival Private Transfer: $104
- Panama Tocumen Airport PTY to Coronado/Gorgona - Arrival Transfer: $104
- Private Transfer Tocumen Airport - Linton Bay Marina: $90
Is it cheaper to fly into Madrid or Panama City?
Prices for flights to both Panama City and Madrid change regularly based on dates and travel demand. We suggest you find the best prices for your next trip on Kayak, because you can compare the cost of flights across multiple airlines for your prefered dates.
Food
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Food Meals for one dayMadrid €59Panama City €31
Typical Food Prices in Madrid
Here are some examples of typical meal expenses from previous travelers to Madrid:
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Coffee€2.00
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Ice Cream€3.00
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Kebabs (for 2)€16
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Croissant€1.50
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Lunch at Airport (for 2)€16
Food Tours and Cooking Classes in Madrid
For Madrid, here are some samples of tours and activities related to meals and dining experiences:
- Madrid Food Tour: Tapas, Drinks and Delights with a Local: $63
- Zarzuela Opera and Dinner at La Castafiore Restaurant in Madrid: $64
- Chocolate & Churros Cooking Class in Madrid: $76
- Spanish Tapas Experience and Sangría Showcooking in Madrid: $76
- Madrid Luxury Evening Food Tour In the Vibrant La Latina District: $81
- Madrid History Food Tour: Tapas & Drinks Tasting: $88
- Guided Food Tour of Tapas, Ham, Olive Oil & Vermouth: $88
- Madrid Tapas & Wine Tasting Food Tour – Small Group Local Bars: $90
- Madrid Ultimate Spanish Cuisine Food Tour: $92
- Spanish Cooking Class Paella Tapas and Sangria in Madrid: $99
- Tapas & Paella Cooking Class in Madrid with a Professional Chef: $104
- The Best Flamenco in Madrid Show with Dinner and Drink: $111
Typical Food Prices in Panama City
Here are some examples of typical meal expenses from previous travelers to Panama City:
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Sandwich€7.21
Food Tours and Cooking Classes in Panama City
For Panama City, here are some samples of tours and activities related to meals and dining experiences:
- Panama Food Tour Local Markets Immersion (Tasting tour + Lunch): $50
- Italian-Panamanian Ravioli Cooking Class + meal in Panama City: $55
- Panama City FOOD Tour: $65
- Panamanian Dinner and Folkloric Show Ticket with Pickup: $65
- 3.5 -hour Afropanamanian Cooking Experience in Panama: $70
- Street Food Tour Panama (25+ tastings) By Paradox Experience: $90
Entertainment
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Entertainment Entrance tickets, shows, etc.Madrid €33Panama City €57
Tours and Activities in Madrid
Also, here are some specific examples of entertainment, tickets, and activities for Madrid.
- 2 Hour Madrid City Expert Tour: $197
- 2 Hour Private Panoramic Tuk Tuk Tour: $198
- 2 in 1 Madrid Art Tour Prado and Reina Sofia Museums: $81
- 2-Hour Patisserie Experience for Dessert Lovers: $117
- 3 Hour Private Bike Tour in Madrid with a Guide: $175
- 3-hour experience on the Redován K2 Family Via Ferrata: $49
- 30 Minutes of Jet Ski Adventure on the Coast of Alicante: $106
- 3h Prado Museum Private Tour Skip the Line & Hotel Pick-up: $208
- A local's A self-guided audio tour: $9.99
- Arabian Baths Experience at Madrid's Hammam Al Ándalus with 45 minutes massage: $117
- Architecture tour Gran Vía from its best rooftops 20thC: $205
- Artisanal Walking Tour in Madrid through Chueca Las Salelas and Malasaña: $44
Tours and Activities in Panama City
Also, here are some specific examples of entertainment, tickets, and activities for Panama City.
- "Bridge of the Americas Stand-Up Paddle Private 2 hours Tour ": $100
- 2 Days Island Hopping Adventure San Blas Islands - Private Cabin: $265
- 2 Hours Private Luxury Tour in a Convertible Car in Panama City: $255
- 3 Hours Private Walking Tour in Casco Antiguo Panama City: $45
- 4-Hour Guided Tour of Panama Canal & Old Town & More: $150
- 4-hour tour in Panama: $105
- 5 Hours Private Panama City Tour: $200
- 5-Star Embera Village Tour | Waterfall, Lunch & River: $75
- 5hour tour of Panama City and Panama Canal - Shared or Private: $65
- 5hrs Panama City and Canal Tour + Amenities: $65
- 7 hour Miraflores Locks + Sloth Sancturay in Gamboa Tour: $150
- ALL INCLUSIVE San Blas Islands Day Tour on Sailboat: $240
Alcohol
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Alcohol Drinks for one dayMadrid €19Panama City €16
Typical Alcohol Prices in Madrid
Some typical examples of the costs for nightlife and alcohol in Madrid are as follows:
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Beer€5.00
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Drinks and Tapas (for 2)€13
Sample the Local Flavors in Madrid
Some specific costs for nightlife related activities in Madrid:
- Madrid Pub Crawl with VIP Club Entrance: $12
- Visit to the Winery with Wine Tasting and Appetizers in Navarra: $12
- Madrid Pub Crawl: VIP Entry & Shots, Games (Kapital, Fitz, Shoko): $14
- Madrid Pub Crawl: Club Entry, Bars & Shots: $20
- Pub Crawl Madrid-The Original since 2005-Shots-Fun-Clubs-Dance: $29
- Wine Tasting near Plaza Mayor in Madrid: $35
- Wine Tour with tasting in the Natural Park of La Mata: $38
- Wine Tasting in Madrid Experience: $54
- Rooftop Bar Crawl Madrid Experience: $76
- New Year Eve Madrid Pub Crawl: $81
- Spanish Wine Tasting : $90
- Wine Tasting and Flamenco Master Class in Madrid: $100
When we compare the travel costs of actual travelers between Madrid and Panama City, we can see that Madrid is more expensive. And not only is Panama City much less expensive, but it is actually a significantly cheaper destination. Since Madrid is in Europe and Panama City is in Central America, this is one of the main reasons why the costs are so different, as different regions of the world tend to have overall different travel costs. So, traveling to Panama City would let you spend less money overall. Or, you could decide to spend more money in Panama City and be able to afford a more luxurious travel style by staying in nicer hotels, eating at more expensive restaurants, taking tours, and experiencing more activities. The same level of travel in Madrid would naturally cost you much more money, so you would probably want to keep your budget a little tighter in Madrid than you might in Panama City.
If you're trying to decide if either of these two destinations are within your price range, also see Is Madrid Expensive? and Is Panama City Expensive?.
Which is Bigger, Madrid or Panama City?
Madrid has a larger population, and is about 8 times larger than the population of Panama City. When comparing the sizes of Madrid and Panama City, keep in mind that a larger population does not always imply the destination has more attractions or better activities. So, always research the type of place that you want to visit along with the activities and attractions that interest you.
Budget Your Trip is all about finding out how much everything costs so that you can travel cheaper and longer. Created by avid travelers Laurie and Bryan, our goal is to help you plan your next trip on the right budget. With average daily travel costs that are calculated from the budgets of real travelers, plus an analysis of hotel and tour prices, you can find out how much money you need to plan your next adventure. We also have plenty of travel advice, accommodation reviews, and activity suggestions.