The Algarve is the highest ranked European destination in Post Office Travel Money’s 2024 list of the best-value destinations worldwide. The popular southern Portuguese resort area is ranked fifth on the list, behind (in order) Hoi An (Vietnam), Cape Town (South Africa), Mombasa (Kenya) and Tokyo (Japan). The only other European destinations in the top 15 for holiday money value are seventh-placed Sunny Beach (Bulgaria), Paphos (Cyprus) at 10th and the Costa del Sol (Spain), which is ranked 14th.
Announcing details of its report and ranking, Post Office Travel Money noted that the Algarve held on to fifth place with a 1.2 per cent drop in prices to £59.69. The survey covered prices for a selection of meals, drinks and other essential travel commodities (such as sunscreen cream). Of all the destinations surveyed around the world, the Algarve had the cheapest coffee (€0.88) and wine (€1.76).
“The Algarve has always been great value, particularly for meals and drinks,” said head of Post Office Travel Money Laura Plunkett, “but this year our barometer research found that local prices have remained steady and the strength of sterling means that visitors can expect to pay even less than last year.”
Overall, according to Post Office Travel Money, “The power of the pound promises to pack quite a punch for British holidaymakers planning to travel abroad this year. Research for the Post Office Worldwide Holiday Costs Barometer has found that prices for meals, drinks and other tourist items have fallen in over 60 per cent of the resorts and cities surveyed since last year. But it is the strength of sterling rather than prices charged in restaurants, bars and shops abroad that will make many destinations cheaper for British visitors.”
The survey found that over half of Britons plan to travel abroad this year and 60 per cent have already booked.
The Algarve is also internationally renowned for its beaches, with Praia da Falésia ranked number one in this year’s Travelers’ Choice Awards.
