Algarve in Portugal is the cheapest place for British tourists willing to travel without leaving Europe, followed by Bulgaria's Black Sea resort of Sunny Beach, a new report suggests.

Bulgaria is followed by Cape Town in South Africa, which is the best bargain for those opting for a long-haul trip.

The Post Office Travel Money Holiday report, quoted by The Guardian, reads that competition for tourists in both Algarve and Sunny Beach has resulted in a 12% grop in local prices.

The value of eight items including an evening meal for two with a bottle of wine, a bottle of beer, a soft drink, a glass of wine, a 1.5 l bottle of water, a coffee, a tube of sunscreen and a pack of cigarettes, has dropped considerably in both places to just below GBP 30 (GBP 29.32 and GBP 29.49 for Algarve and Sunny Beach, rspectively).

Despite a recent fall in value against the Euro and other European currencies (the Bulgarian lev, BGN, included) the British pound is still 5% stronger compared to last January.

Sunny Beach ranked first in Post Office Travel Money's 2014 summer report.

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