Which place is cheaper, Panama City or Madrid?
These are the overall average travel costs for the two destinations.
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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 Contiki Tours to Spain, The Best G Adventures Tours to Spain, The Best 2-Week Tours from Panama City, and The Best Adventure Tours to Panama.
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Average Daily Cost Per person, per dayMadrid €136Panama City €80
The average daily cost (per person) in Madrid is €136, while the average daily cost in Panama City is €80. 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 €77Panama City €33
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Accommodation Typical double-occupancy roomMadrid €154Panama City €66
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 €19Panama City €9.94
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:
- Segovia: Full-Day Tour with Transfer to and from Madrid: $452
- Private Transfer from Moratalla to Alicante–Elche (ALC) Airport: $273
- From Hot Air Balloon over Segovia with Transfer: $264
- Balloon Ride with Transfer Option from Madrid City: $264
- Private Transfer from Bolnuevo to Alicante–Elche (ALC) Airport: $254
- Private Transfer from La Manga strip dos Mares to Alicante–Elche (ALC) Airport: $237
- Arrival Transfer Madrid Airport MAD to Avila City by Sedan: $229
- 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 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
Hired Cars and Shuttles in Panama City
Also for Panama City, here are a few examples of actual transportation services:
- Embera Indian Village Tour w/ Airport Transfer: $290
- Panama Tocumen Airport (PTY): Private Transfer to Coronado: $271
- Panama Tocumen Airport (PTY): Transfer to Decameron hotels: $267
- Round trip transfer in private Car from Tocumen Airport to Playa Blanca-Farallon: $240
- Half-Day City & Canal Tour w/ Airport Transfer: $215
- Private Transfer from Panama Tocumen Airport (PTY) to Playa Blanca resorts : $206
- Transfer in private minivan from Panama Tocumen Airport to Playa Blanca-Farallon: $160
- Skip the Line: Miraflores Visitor Center Ticket with Transfer: $155
- Panama Tocumen Airport(PTY) to Colón Round-Trip Private Transfer: $142
- Round-Trip Transfer in Private Minivan from-to Tocumen Airport in Playa Bonita: $140
- Private Transfer from Panama Airport (PTY) to Colón Resorts: $137
- Private Transfer from Panama Tocumen Airport (PTY) to Colón resorts: $137
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 €34Panama City €19
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:
- Paella and Sangria Workshop with Dinner and Drinks: $43
- Tapas Crawl Food Tour with 6 Tapas and 4 Drinks: $53
- San Miguel Market and Street Food Tour: $53
- Tapas Dinner Party Food Tour with Guide: $53
- Drunken Tapas Food Tour with Dinner in Madrid: $53
- Tipsy Tapas Food Tour with Drinks and Food: $53
- Madrid Tipsy Tapas Guided Food Tour with Dinner: $53
- Madrid Tapas Dinner Party with Guide: $54
- Traditional Paella & Sangría Workshop & Spanish Dinner in Madrid: $54
- The Authentic Morning Madrid's Food Tour: $59
- Opera and Zarzuela Show and Dinner: $61
- Madrid San Miguel Market and City Center Street Food Tour: $63
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€7.69
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:
- Panamanian Dinner and Folkloric Show Ticket with Pickup: $60
- Panama Evening Food Tour: $60
- Panama City FOOD Tour: $65
- Night Out Experience (360 Panoramic Views + Dinner Show): $80
- Panama: 10-Recipe Boozy Panamanian Cooking Class + Dinner: $85
- The 'Real' Panamanian Private Food Tour: $200
Entertainment
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Entertainment Entrance tickets, shows, etc.Madrid €34Panama City €61
Tours and Activities in Madrid
Also, here are some specific examples of entertainment, tickets, and activities for Madrid.
- Madrid Photo Tour with Pro Photographer Lifestyle and Portrait: $82
- Madrid Tour and Guided Visit Royal Palace: $76
- Prado Museum and Madrid Royal Palace Morning Guided Tour: $71
- Skip the Line Guided Tour Royal Palace Madrid: $72
- Toledo with Cathedral from Madrid Full Day Tour: $134
- Ávila & Segovia Day Tour from Madrid: $163
- 1 Hour Private Tuk tuk Tour in Madrid: $98
- 1 hour tour in Madrid in Tuk Tuk through the best of the city: $137
- 1-Hour Private Flamenco Class in Madrid Experience: $45
- 2 Hour Madrid Walking Tour : $4.37
- 2-Hour Tour of the Madrid of Mysteries: $14
- 2-Hour Walking Tour on the History of Islamic Medieval the origins: $38
Tours and Activities in Panama City
Also, here are some specific examples of entertainment, tickets, and activities for Panama City.
- #1 Walking Tour in Casco Viejo, Panama Canal Museum & Lunch : $77
- "Bridge of the Americas Stand-Up Paddle Private 2 hours Tour " : $100
- 1- or 2-Night Experience in San Blas Islands: $260
- 2 Hours Private Luxury Tour in a Convertible Car in Panama City: $255
- 2 Hours Tour to Panama La Vieja for Groups: $170
- 2 Hr Express Tour for Business Travellers & Airport Layovers: $75
- 2-Day San Blas Adventure from Panama City: $270
- 3 Hour Airport Tour from Tocumen: $125
- 3 Hours Private Photo Tour in Casco Antiguo: $90
- 3-Hour Private Tour in Panama La Vieja: $45
- 4-Hour Gatun Lake Boat Tour and Jungle Wildlife: $99
- 5-Hour Tour to Miraflores Locks and Sloth Sanctuary: $140
Alcohol
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Alcohol Drinks for one dayMadrid €20Panama City €17
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:
- Pub Crawl with Tapas and VIP Club Entry: $9.69
- Visit to the Winery with Wine Tasting and Appetizers in Navarra: $12
- Pub crawl & Party Tour Madrid: $14
- Guided Pub Crawl Madrid Experience and Club Entry: $16
- Pub Crawl Madrid Running since 2005 Bar Exploration: $16
- Pub Crawl Madrid-The Original since 2005-Shots-Fun-Clubs-Dance: $16
- Pub Crawl Madrid: $19
- Wine Tasting near Plaza Mayor: $22
- Wine Tasting Experience with 4 Spanish Wines: $26
- Wine Tour with tasting in the Natural Park of La Mata: $38
- Wine Tasting Experience: $50
- Wine Tasting in Madrid Experience: $50
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.