It may come as a surprise to many considering its reputation as a playground for the rich and famous, but the cost of living on the glitziest isle of Spain’s Balearics has actually been found to be the lowest out of 12 popular European holiday destinations, according to a UK Post Office survey.
The Post Office’s Self Catering on a Shoe String Barometer 2011 compared data on the cost of basic supermarket items in popular holiday destinations such as the Algarve, Corfu and Brighton. While the average cost of a family shopping basket in the Cypriot capital of Limassol is a rather eye-watering £74.56, prices in glamorous Majorca are 80 percent cheaper.
The average cost of a family shopping basket for one week is £44.23 in Majorca, putting it ahead of other Spanish destinations on the Costa Blanca, where the same items came in at £47.28.
Eggs, toilet rolls, milk, bread, water and cheese were among the products purchased as part of the survey.
How the costs compare:
Sarah Munro, Post Office Head of Travel Money, said: ‘Self-catering can be a great way for families to save money on the cost of their holiday while at the same time offering them more flexibility and the freedom to come and go as they please.
‘The wide cost variations we found mean that families will be well-advised to do their homework before booking and check eurozone shopping prices on our website.’
Another consideration when budgeting for a self-catering holiday is the cost of drinks in resort cafes and restaurants.
Research revealed that Spanish resorts are cheapest for coffee, soft drinks and wine and beer, while those in Greece are most expensive.
Further research by the Post Office revealed that when it comes to holiday costs, mums are twice as likely to worry about the family spending budget as dads.
A survey of family holidaymakers found 40% of mothers had been disappointed that previous trips cost more than expected.
This compared with 21% of fathers. Similarly, 40% of mums were frustrated at not having enough money to spend on entertaining their children, compared with only 13% of dads.
With prices currently on the low side due to the ongoing Spanish debt crisis, now could be the perfect time for buy to let investors to capitalise on this affordable holiday paradise, a convenient short-haul distance from major tourist markets such as the UK and France. Its excellent links from low-cost airlines – Ryanair flies twice daily to Palma from Stansted, while Easyjet is currently flying a whopping 8 times daily – also ensure getting there couldn’t be easier for the millions of Brits who have made Majorca the destination for their yearly summer sojourn.
Source : The Move Channel
