The survey compares the cost of eight essential holiday purchases in 44 popular locations around the globe. The Algarve ranked cheapest overall in Europe this year, beating last year’s best-value destination, Sunny Beach in Bulgaria.

Holidaymakers’ eight essential costs compared in the report included sun cream, wine, coffee, beer, bottled water, cola, insect repellent, and a three-course evening meal for two. Buying those items in the Algarve was over £3 cheaper than in Sunny Beach and £21.76 cheaper than in the nearby Costa del Sol. And the Algarve ranked as the best value globally for its wine, which came in at just £1.76 for a glass.

The Algarve’s value is further emphasised by the latest figures from Numbeo, which show the cost of living in Portugal is 26.6% lower than in the UK.

“The Algarve delivers outstanding value for holidaymakers and homeowners. Unlike some ‘budget’ destinations, it provides luxurious accommodation and a wealth of superb experiences. It just does so without the price tags that you would expect for such quality. The fact that it is such an affordable and easy flight from the UK – taking under three hours – further adds to the region’s appeal,” said Alda Filipe, Real Estate Director, Kronos Homes