Despite sterling
taking a pounding against the euro this year, the cost of spending
abroad has fallen dramatically at many destinations, according to the
Post Office Holiday Costs Barometer.
It means
meals out, drinks and self-catering groceries at many popular resorts
will be significantly cheaper. The research shows prices in Spain have
plummeted by up to 20 per cent since last year.
Portugal
pipped Spain’s Costa del Sol to the top spot in the seventh annual
travel money league thanks to its low costs of food and drink.
It
was closely followed by the Costa Blanca, Spain, Bulgaria and Palma
Nova in Mallorca in the top-five cheap holiday destinations.
The costs of 10 standard items - - coffee, beer, wine, cola, water, suncream, newspapers, insect repellant, cigarettes and a meal - are used to set the barometer.
The cost of a basket of goods in the Costa Blanca were £47.14.
The cheapest place in the top five resorts to buy a cup of coffee is the Costa Blanca at 75p.
The research shows prices have tumbled in the Costas, down around 20 per cent compared to last year.
Prices have been dropping in many European resorts because of the effects of the eurozone crisis as they vie for overseas custom to boost their ailing economies.
Andrew Brown, of Post Office Travel Money, said:
The costs of 10 standard items - - coffee, beer, wine, cola, water, suncream, newspapers, insect repellant, cigarettes and a meal - are used to set the barometer.
The cost of a basket of goods in the Costa Blanca were £47.14.
The cheapest place in the top five resorts to buy a cup of coffee is the Costa Blanca at 75p.
The research shows prices have tumbled in the Costas, down around 20 per cent compared to last year.
Prices have been dropping in many European resorts because of the effects of the eurozone crisis as they vie for overseas custom to boost their ailing economies.
Andrew Brown, of Post Office Travel Money, said:
"The pound may be worth less in Europe than a year ago but fierce competition means that lower prices in several of the resorts we surveyed can easily offset the falling value of sterling."
Taking some time to check out resort costs and add them to package
prices to find the best holiday comparison and overall deal will pay dividends this summer.
This really is the year to do some 'sterling' work before booking a
holiday.
"Be prepared to swap destination or switch to a cheaper resort within the same country."
Mr Brown said the "continuing volatility" of sterling means holidaymakers should "budget carefully".
He said: "Running out of cash and having to use an overseas ATM or pay on a card that incurs extra charges could pack an unpleasant punch when the statement arrives.
"Allow time to buy foreign currency before leaving home because changing money at the airport means losing out by getting a poor rate."
Most expensive resort in the list was the Jumeirah region of Dubai in the United Arab Emirates where the items cost £103.23.
Italian destinations Sorrento (£101.79) and Tuscany (£94.92) were the next dearest.
Travel expert Simon Calder said:
"Be prepared to swap destination or switch to a cheaper resort within the same country."
Mr Brown said the "continuing volatility" of sterling means holidaymakers should "budget carefully".
He said: "Running out of cash and having to use an overseas ATM or pay on a card that incurs extra charges could pack an unpleasant punch when the statement arrives.
"Allow time to buy foreign currency before leaving home because changing money at the airport means losing out by getting a poor rate."
Most expensive resort in the list was the Jumeirah region of Dubai in the United Arab Emirates where the items cost £103.23.
Italian destinations Sorrento (£101.79) and Tuscany (£94.92) were the next dearest.
Travel expert Simon Calder said:
"Wherever you are in Europe it's well worth seeking out the best value. Traders are being very competitive."
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