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Data commissioned by MoneyTransfers.com in conjunction with Atlantic Money found that Brits have to spend up to 60% more abroad than they did a year ago. The rate of inflation year-on-year has increased in every single country out of 22 reviewed – including Spain (up 10.5%), USA (up 8.3%), and Turkey (up 80.2%).
Rising inflation rates has meant that destinations that previously offered advantageous exchange rates for the British pound are now not so desirable. For example, prices have increased by 14.9% in Spain compared to one year ago.
A recent MoneyTransfers analysis of 10 years travel data revealed that Spain is the number one holiday destination for Brits. However, rising costs may force many tourists to turn elsewhere.
With costs on the rise, many holidaymakers will be looking for the best value destinations to make their pound stretch the furthest. Here, MoneyTransfers.com has analysed data to offer a few viable options.
The pound no longer goes as far as it once did in the most popular destinations for British holidaymakers. With a number of other destinations rising in popularity not only for their affordability but general appeal to tourists, we’re likely to see more tourists swapping out their tried-and-tested holiday destinations for locations where they can get the most value from their pound.
says Jonathan Merry, CEO of MoneyTransfers.com.
Turkey
Turkey takes the number one top spot as the best value destination for holidaymakers looking to stretch their pound. In October 2021, £1 would have bought you 12.2 lira. A year on, the rate has increased by 68.38%, sitting just above 20. Inflation in Turkey has recently climbed above 83% – a record high since World War Two.
With tourism composing a key part of the Turkish economy, the country is keen to invite holidaymakers into its resorts. A hotel will set you back an average of 500 Turkish Lira (£24.33) per night, according to Marmaris Info – although an all-inclusive resort is likely to be a little more expensive.
In addition, Marmaris in Turkey recently took the top spot in the Post Office Holiday Money Report 2022, looking at the best value destinations for holidaymakers. The report compares the cost of eight popular holiday items across different countries and resort areas to find out where your money goes furthest.
The study compared the cost of coffee, a bottle of beer, a can of coke, a glass of wine, bottle of water, sun cream, insect repellant, and a 3-course meal for two. The report found that the beachside resort of Marmaris, Turkey, offers the most for your money, with the total cost of all eight items setting you back just £26.13. Close behind was Sunny Beach, Bulgaria, at just £26.19.
To put that into perspective, the same eight items would set you back an eye-watering £158.16 in Reykjavik, Iceland.
Flights to the popular beachside resort won’t set you back much, either. A return flight in November (the temperature can reach a daytime high of 20°C at this time of year) can be found for £79.
Bulgaria
Sunny Beach in Bulgaria is second on the post office’s report, offering another excellent value for money destination for British holidaymakers. A bottle of beer will set you back around £0.48, while tourists can enjoy a 3-course meal for 2 including a bottle of house win for just £19.51.
Despite being an EU member state, Bulgaria continues to use the lev as its currency, opting out of the euro. This continues to offer a favourable exchange rate for Brits – with the rate remaining at a relatively stable £1 to 2 lev for the past five years.
Based off of Bulgaria’s Black Sea coast, Sunny Beach is famed for its excellent watersports and legendary nightlife. With a beer being cheaper here than anywhere else on the report’s list, it’s not hard to imagine why the nightlife is so sought after.
Portugal
Portugal has risen in popularity as a tourist destination in the past few years, and was recently awarded as the “Best Tourist Destination in Europe” for the fifth consecutive year by the World Travel Awards 2022.
Popular destinations in the European country include picturesque Lisbon, Porto, the country’s capital, and the stunning beaches Portugal’s Algarve has to offer. The Algarve also came in third in the aforementioned Holiday Report 2022, offering one of the best value-for-money locations.
In all, the eight items reviewed would set your average holidaymaker back £44.39. A 3-course meal for 2 with wine costs just £29.20, while tourists can enjoy a classic Portuguese coffee for just £0.59.
Another reason the Algarve offer’s such good value is the cheap cost of flights. British holidaymakers flying from London can find a return flight to Faro, Portugal, for under £40 and the daytime temperature can reach a high of 19°C in November.
Other European destinations holiday makers should not rule out include Cyprus, Spain, and Malta – all of which feature in the top 10 best-value destinations from the post office report.
Cape Town
Beyond Europe, tourists looking for a more long haul holiday can find excellent value for money in the beautiful port city of Cape Town. Famed for its watersports, stunning Table Mountain backdrop, and diverse culture, holidaymakers can enjoy an evening meal for 2 with a bottle of wine for just £37.18 here, while a glass of wine will set you back just £3.37. In comparison, other popular destinations at the other end of the scale will set you back upwards of £7.65 for a glass of wine (Singapore), and over £87 for a 3-course meal (Dubai).
Online, hotels start from around £75 a night – although this is likely to depend on your budget. As it stands, £1 will buy you around 20.05 South African rand, making South Africa an attractive destination for Brits looking to stretch their pound abroad.
Other locations offering value for money outside of Europe include Mombasa, Kenya (7th), Madeira, Funchal (8th), and the USA’s Orlando (10th).
So if you’re looking for a nice winter break, there’s no shortage of places to find scenic landscapes, vibrant cities, and fantastic food and drink without breaking the bank.
Contributors
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