Holiday prices have fallen by 4.3 per cent on average but travellers will have to board a long-haul flight to get the best bargains, according to new research.
The study by hotel booking platform hoo reveals the average price for a foreign holiday in May - before the easing of travel restrictions - was just above £101 per night per person.
But latest data shows that after the easing of restrictions, the average price of a holiday has fallen to £96.87 per night, a decline of 4.2 per cent.
However, some destinations have seen prices hikes, including Dubai, Paris, Madrid and Rome.The average nightly price for a holiday to Dubai was just above £77 but this has since increased by 18 per cent to more than £91 per night.
The good news for holidaymakers is that a number of global holiday destinations have become more affordable since May. The downside is most of these destinations can only be reached via a long haul flight.
Nowhere has seen a bigger drop in prices than Cape Town, South Africa, roughly a 15-hour flight from London, but the cost of a holiday has fallen by -23% per night.
Toronto, Canada, around eight hours from London will now set you back £99 per night on average, a decrease of 22%.
If you don’t fancy travelling long haul, a holiday to Istanbul is now -16.4% more affordable and just four hours by plane. Other global destinations where average holiday prices have declined since May 2021 are Hong Kong (-15.6%), Cairo, Egypt (-11.5%), New York, USA (-10.4%), Athens, Greece (-9.8%), Lisbon, Portugal (-6.1%), and Beijing, China (-5.8%).
Adrian Murdock, co-founder of hoo, said: "The average cost of a holiday has continued to fall across many destinations as holiday providers try to tempt us to foreign shores.
"However, a turbulent year for many holidaymakers has seen price become a secondary consideration with greater certainty and ease of travel the number one concern.
"As a result, demand has climbed for holidays to European destinations that have the least number of travel requirements and this has pushed up prices in those instances. However, Turkey, Greece and Portugal stand out as better value for money.
"But if you’re willing to stray further from home, it’s hard to remember a time when prices were so affordable and it’s fair to say that there’s never been a better time to book a holiday to some of the more far flung destinations on offer.”
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