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Tourists visiting the Algarve during 2019 will be able to enjoy more for their money than the majority of other European destinations according to the latest Post Office Travel Money report.

For the second year running, Post Office Travel Money research has found that holidaymakers can expect to pay less for meals, drinks and other tourist staples in many of the world’s most popular resorts and cities. The 11th annual Worldwide Holiday Costs Barometer has found that prices have fallen in almost half the destinations surveyed – with three European family favourites topping the leaderboard.

Sunny Beach, Bulgaria is cheapest of 42 destinations surveyed for the second year running, with Marmaris, Turkey and the Algarve, Portugal in the runner-up spots

Cape Town, South Africa is the best value long haul destination, while Kenya and Bali are new entrants to the top 10. 

The Post Office barometer monitors the price of eight tourist items – comprising dinner for two with a bottle of wine, a range of soft and alcoholic drinks, sun cream and insect repellent.

In the Algarve the total cost of the holiday basket came to £50.11 (€56*).  The survey found that water cost an average of £0.46 (€0.51*), a meal for two with wine cost £31.13 (€35*) and a glass of wine averages £1.15 (€1.30*).  This helped to rank the Algarve as a more economical destination to visit than the Costa del Sol in Spain, Prague in the Czech Republic and Paphos in Cyprus.

So, what iss the cause of the favourable trend in holiday costs? According to the Post Office, one explanation is that, rather than the pound performing well against global currencies, local businesses in popular tourist hotspots are charging less for things like meals and drinks.

Andrew Brown of Post Office Travel Money said: "It is good news that prices are down in many destinations this year, but it is still very important to be aware of the huge variation in costs we found across the 42 countries surveyed. For example, barometer costs in the six cheapest resorts and cities are less than half those in the 15 priciest destinations.

“That’s why we advise holidaymakers to draw up a destination shortlist and do their homework by comparing the prices for meals, drinks and other tourist items before booking. Forearmed is forewarned!”

*All prices given in euros are approximate at time of publication