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 One-Week (7-Day) Tours from Panama City, and The Best 2-Week 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 €86
The average daily cost (per person) in Madrid is €162, while the average daily cost in Panama City is €86. 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 €30
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Accommodation Typical double-occupancy roomMadrid €156Panama City €60
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 €9.09
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 Transfer from Moratalla to Alicante–Elche (ALC) Airport: $273
- Private Transfer from Bolnuevo to Alicante–Elche (ALC) Airport: $254
- Private Transfer to Toledo or Segovia from Madrid: $239
- Private Transfer from La Manga strip dos Mares to Alicante–Elche (ALC) Airport: $237
- 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
- Madrid Airport MAD Round-Trip Private Transfer in Luxury Van: $191
- Private Transfer from El Verger to Alicante–Elche (ALC) Airport: $191
- Madrid Airport MAD Round-Trip Transfer in Private Van: $190
- 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:
- 2 Days 1 Night Tour in Panama : Hotel and Transfers: $278
- Transfer Airport or Hotel To Playa Venao Panama or vice versa: $260
- Panama Airport (PTY) to Decameron - Round-Trip Private Transfer: $213
- Transfer from Tocumen Airport to Colon Cruise Port: $160
- Private Transfer from Panama City Hotels to Colón Cruise Port: $158
- Miraflores Visitor Center Ticket & Transfer: $155
- Arrival Transfer Panama Tocumen Airport PTY to Panama by Sprinter: $152
- Private Transfer from Panama Airport (PTY) to Colón Resorts: $150
- Roundtrip Private Transfer Panama Airport (PTY) - Playa Blanca : $142
- Private Transfer Hotel or Airport to Resorts in Playa Blanca. One way: $125
- Transfer from Panama Airport to Colon Cruise Terminal: $110
- Panama Tocumen Airport PTY to Coronado/Gorgona - Arrival Transfer: $107
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 Old Town Tour & Flamenco Show with Optional Dinner: $71
- Chocolate & Churros Cooking Class in Madrid : $72
- Murder Mystery Dinner Experience: $76
- Spanish Tapas Experience and Sangría Showcooking in Madrid: $78
- Paella and Tapas Cooking Workshop in Madrid: $84
- Madrid Spanish Omelet Cooking Class and Bottomless Wine brunch: $90
- Spanish Cooking Class Paella Tapas and Sangria in Madrid: $102
- Tapas & Paella Cooking Class in Madrid with a Professional Chef: $106
- Tapas, Drinks & Stories: Madrid by Night Food Tour: $124
- Paella Cooking Class in Madrid with Bottomless Wine Pairing: $142
- Taste of Spain: Tapas Cooking Class with Bottomless Wine Pairing: $142
- Afternoon Tapas Cooking Class in a Secret Venue in Madrid: $160
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€7.03
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
- E-Tickets Emotions Dinner Theater Live Show Admission: $75
- Afro-Panamanian Cooking Class with Meal: $75
- Street Food Tour with 24 Tastings: $75
- Cooking Class in Panama City with 10 Recipes & Bottomless Drinks: $95
- 4-Hour Guided Panamanian Cooking Class and Markets Experience: $95
- Panama: 10-Recipe Boozy Panamanian Cooking Class + Dinner: $95
- Folkloric Dance & Typical Dinner at Sabroso Panamá: $110
- The Real Panamanian Private Food Tour through Panama City: $205
- Street Food Tour in Panama with a Local Guide: $263
Entertainment
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Entertainment Entrance tickets, shows, etc.Madrid €33Panama City €56
Tours and Activities in Madrid
Also, here are some specific examples of entertainment, tickets, and activities for Madrid.
- 1 Hour Madrid Welcome and Historical Tour: $106
- El Pardo Royal Palace Entry Ticket: $20
- Madrid Kids and Family Sightseeing Tour: $71
- Madrid Tapas & Taverns Small Group Food & History Tour: $100
- Toledo with Cathedral from Madrid Full Day Tour: $147
- Ávila & Segovia and Alcazar Day Tour from Madrid lunch included: $214
- 2 Days Guided Cultural Tour in Madrid Royal Palace and 3 Museums : $227
- 2 Hour Madrid City Expert Tour : $202
- 2-Hour Tour of the Madrid of Mysteries: $15
- 3 Hours Bike tour from the City center to Santiago Bernabeu and it's Museum: $108
- 3-hour experience on the Redován K2 Family Via Ferrata: $49
- 30 Minutes of Jet Ski Adventure on the Coast of Alicante: $106
Tours and Activities in Panama City
Also, here are some specific examples of entertainment, tickets, and activities for Panama City.
- Gatun Lake Panamá Wildlife Adventure Guided Experience: $159
- Horseback riding and Agri-Tour in Colon Private tour: $75
- Panama City Tour and Panama Canal – Miraflores Locks Experience: $30
- Panama Viejo and Casco Antiguo Tour: $115
- Panama a quick and memorable tour: $68
- San Blas Islands, 4-Island Tour All-Inclusive Welcome Cocktail: $149
- #1 Walking Tour of Casco Viejo Panama with Lunch included : $70
- “Bike Tour Casco Viejo and Panama City Discover the Essence: $40
- “Panama at Your Rhythm: Private Tour with Canal, Old Town and More”: $67
- "Bridge of the Americas Stand-Up Paddle Private 2 hours Tour " : $100
- 1st Mysteries and FreeMasons Tour: $38
- 2 Days 1 Night San Blas Adventure in Pamana: $260
Alcohol
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Alcohol Drinks for one dayMadrid €19Panama City €15
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:
- Top Pub Crawl Madrid & Party: $11
- Madrid Pub Crawl with VIP Club Entrance: $12
- Visit to the Winery with Wine Tasting and Appetizers in Navarra: $12
- Pub Crawl Madrid by Mad Party Crew: $20
- Pub Crawl Madrid-The Original since 2005-Shots-Fun-Clubs-Dance: $30
- Wine Tasting near Plaza Mayor in Madrid : $30
- Wine Tour with tasting in the Natural Park of La Mata: $38
- Wine Tasting in Madrid Experience: $55
- Toledo Tour with Tapas, Wine Tasting and Optional 3 Monuments: $57
- Hypno Tasting Wine Tasting under Hypnosis in Madrid: $59
- Madrid Royal Palace Small Group Guided Tour with Wine Tasting: $71
- New Year Eve Madrid Pub Crawl: $82
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.