May 2024: The Algarve, in southern Portugal is the most affordable European holiday destination according to the Holiday Money Report from Post Office Travel Money.

Forty destinations were surveyed for the Post Office Worldwide Holiday Costs Barometer where eight items that visitors typically purchase on holiday were assessed – a three-course meal for two with wine, cup of coffee, bottle of local beer, can of cola, glass of wine, bottle of still water, suncream and insect repellent.

Portugal is the only European destination in the top five most affordable destinations as Turkey and Bulgaria lose ground this year. Additionally the Algarve was the best value place across 40 destinations worldwide to buy a glass of wine at £1.76 and a coffee at 0.88p.

The Post Office reports that prices in resorts and cities are one of the biggest concerns for holidaymakers planning trips abroad.  Their research shows that 84 per cent of them – rising to 89 per cent of family travellers said that costs for items like meals and drinks would be one of their biggest considerations when choosing their holiday destination. 

Hugo Nascimento, Executive Director of Algarve Tourism gives his feedback on the report and provides some suggestions on where to get even more value if visiting the region. He says: “With a cost of living crisis currently affecting many countries, this report will really help holiday makers to decide on where to book a holiday this year.

“Accommodation in the East and West of the region is typically more affordable than the central area of Portimão, Albufeira and the 'Golden Triangle' area between Quinta do Lago, Vilamoura and Amancil. There are a vast array of accommodation types from self-catering properties, small characterful boutique hotels to larger resorts with more facilities.

“For those that don't want the expense of hiring a car, towns like Loulé, Faro and Olhão are good choices as they are close to airport and getting there by taxi or Uber is relatively cheap.  Or head inland for an off-the- beaten track holiday to regions such as Aljezur, Vicentina Coast, Silves and Monchique, where again prices are less expensive.”

In terms of restaurants, Hugo says: “You can't go too wrong with a local, typical place - the ones that don't outwardly market themselves to tourists. The food is generally of a high quality and features delicious fresh seafood.”

“And for those that can travel outside the key school holiday and the peak season of July and August, the prices are dramatically cheaper.”

The Algarve can be reached from many regional airports throughout the UK and Ireland in just over two and half hours with flights arriving into Faro international airport.

The sea is integral to the Algarvian way of life, one that is closely bound to nature. Inland, old villages preserve a life that is historic and rich in culture and lived in harmony with the seasons. In villages of small, cobbled streets you will find whitewashed houses and small local cafes serving bica (espresso), while sardines are grilled openly on the streets, as they have done for years gone by. All year round the region's beautiful beaches, nature reserves, picturesque villages, golf courses, castles and fortresses can be enjoyed in all their splendour.

For accommodation options and activities visit www.visitalgarve.pt

Ends

More information on the Post Office Holiday Money Report can be found at www.postoffice.co.uk/holidaymoneyreport 

Images available to download HERE

Editors Notes

The Algarve is the southernmost region in Portugal framed by a 200km coastline. The region is home to award-winning beaches, authentic gastronomy and a range of outdoor activities from surfing to cycling, walking, and birdwatching that attracts thrill seekers, nature lovers alike.  The Algarve's 16 municipalities offer traditional and distinct experiences that allow for visitors to discover its rich heritage as a region.

Media Contacts:
Surinder Manku or Vicky Goodall at P1 Communications: Algarve@p1communications.com
Tel: 0208 614 7503