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CapitalPanda | European Mediterranean holiday prices: cheapest Greece and Turkey, most expensive France

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Read current news from the financial markets and expert articles from our analyst.

European Mediterranean holiday prices: cheapest Greece and Turkey, most expensive France

The cheapest destinations this summer (1 July - 31 August 2022) for seaside holidays in the European Mediterranean* are Greece and Turkey, closely followed by Spain. In all three cases, the pricing policy of the resorts is related to the economic condition of the countries concerned. Greece and Spain have traditionally been bothered by high levels of unemployment, which have been exacerbated by the impact of the coronavirus pandemic, while Turkey is struggling with staggering inflation, which is weakening the currency and reducing the cost of travel for foreign tourists. This follows from a comparative analysis carried out by the CapitalPanda broker based on macroeconomic data and price comparisons in the online booking systems of the largest German travel agencies (TUI Deutschland, DER Touristik, FTI). The results can also be compared on a price map.

A surprise may be the prices of summer holidays in Croatia, which for a long time had the label of a cheap but attractive country. However, this picture has been changing for some time now and Croatia is becoming a standard tourist destination, even in terms of price. On the contrary, one of the most expensive summer holiday destinations is the Côte d'Azur in France. This can be explained, among other things, by the fact that the hoteliers there target a differently economically situated clientele than the traditional resorts, which mainly target the middle class.

 

With the exception of Croatia and Turkey, all selected destinations are located in the euro area. This means that holiday prices in Croatia and Turkey may be subject to exchange rate fluctuations in local currencies against the euro. However, in the case of Croatia, the probability of a significant fluctuation of the kuna's exchange rate against the euro is disproportionately lower than that of the Turkish lira. The Turkish economy has been plagued for several years by double-digit inflation, which has increased dramatically in recent months. In April, the year-on-year inflation rate climbed to almost 70 percent, while a year ago it was around 16 percent.

 

For this reason, a further weakening of the Turkish lira can be expected. However, it is not entirely clear to what extent this will be reflected in the final prices of summer holidays, as the exchange rate difference deviating in this direction represents a potential profit for the travel agency. However, it can be expected that the travel agency will share the potential exchange rate gain with the client. In any case, it is an exchange rate risk that has a potentially positive impact on clients.

 

Tourism is one of the sectors most affected by the coronavirus pandemic. After two years of virtual "tourist lull", traditional seaside resorts are coming to life. And hand in hand with this goes the price trend. While tourism prices in the euro area fell by an average of six percent during the coronavirus pandemic, the exact opposite can now be expected.

 

CapitalPanda analysts mapped prices in popular destinations for the most frequent stays (7 and 10 days), different types of meals (breakfast, half board, all-inclusive) and also according to the number of stars of the hotel in which it is possible to spend the stay in the given locality. Among the other criteria, the shortest possible distance to the beach or the presence of a swimming pool within the resort was chosen. In all cases, the prices include air transport and correspond to the period from 1 July to 31 August, i.e., the period of the summer school holidays. Prices are the result of weighted averaging and, of course, may differ from the average when selecting a particular offer.

 

 

 

*In addition to selected resorts in Greece, Italy, Croatia, France, and Spain in the Mediterranean, the so-called Turkish Riviera and the Canary Islands have also been included in the comparison

Central Dalmatia 3 and 4 * hotel, air transport, average price in euros per person and stay 5* hotel, air transport, average price in euros per person and stay One week stay in the period from 1.7. to 31.8.2022 breakfast 575€ half board 682€ all inclusive 948€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 682€ half board 816€ all inclusive 1145€ One week stay in the period from 1.7. to 31.8.2022 breakfast 1280€ half board 1485€ all inclusive 1754€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 1280€ half board 1652€ all inclusive 1898€
Hvar island 3 and 4 * hotel, air transport, average price in euros per person and stay 5* hotel, air transport, average price in euros per person and stay One week stay in the period from 1.7. to 31.8.2022 breakfast 699€ half board 721€ all inclusive 783€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 921€ half board 953€ all inclusive 974€ One week stay in the period from 1.7. to 31.8.2022 breakfast 2122€ half board 2305€ all inclusive 2840€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 1518€ half board 2958€ all inclusive 3354€
Sardinia 3 and 4 * hotel, air transport, average price in euros per person and stay 5* hotel, air transport, average price in euros per person and stay One week stay in the period from 1.7. to 31.8.2022 breakfast 457€ half board 574€ all inclusive 989€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 567€ half board 750€ all inclusive 1545€ One week stay in the period from 1.7. to 31.8.2022 breakfast 1147€ half board 1371€ all inclusive 1578€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 1519€ half board 1995€ all inclusive 2971€
Calabria 3 and 4 * hotel, air transport, average price in euros per person and stay 5* hotel, air transport, average price in euros per person and stay One week stay in the period from 1.7. to 31.8.2022 breakfast 448€ half board 497€ all inclusive 798€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 547€ half board 665€ all inclusive 1025€ One week stay in the period from 1.7. to 31.8.2022 breakfast 1141€ half board 1212€ all inclusive 1542€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 1242€ half board 1347€ all inclusive 1561€
Crete 3 and 4 * hotel, air transport, average price in euros per person and stay 5* hotel, air transport, average price in euros per person and stay One week stay in the period from 1.7. to 31.8.2022 breakfast 345€ half board 454€ all inclusive 503€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 445€ half board 554€ all inclusive 677€ One week stay in the period from 1.7. to 31.8.2022 breakfast 636€ half board 652€ all inclusive 793€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 774€ half board 848€ all inclusive 1042€
Rhodes 3 and 4 * hotel, air transport, average price in euros per person and stay 5* hotel, air transport, average price in euros per person and stay One week stay in the period from 1.7. to 31.8.2022 breakfast 430€ half board 488€ all inclusive 535€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 475€ half board 561€ all inclusive 692€ One week stay in the period from 1.7. to 31.8.2022 breakfast 758€ half board 855€ all inclusive 928€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 897€ half board 981€ all inclusive 1075€
Antalya 3 and 4 * hotel, air transport, average price in euros per person and stay 5* hotel, air transport, average price in euros per person and stay One week stay in the period from 1.7. to 31.8.2022 breakfast 437€ half board 546€ all inclusive 632€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 485€ half board 619€ all inclusive 687€ One week stay in the period from 1.7. to 31.8.2022 breakfast 582€ half board 628€ all inclusive 684€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 750€ half board 850€ all inclusive 945€
Coast of Azure 3 and 4 * hotel, air transport, average price in euros per person and stay 5* hotel, air transport, average price in euros per person and stay One week stay in the period from 1.7. to 31.8.2022 breakfast 718€ half board 920€ all inclusive 1145€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 742€ half board 962€ all inclusive 1279€ One week stay in the period from 1.7. to 31.8.2022 breakfast 2400€ half board 3800€ all inclusive 4525€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 2750€ half board 3967€ all inclusive 4860€
Paphos 3 and 4 * hotel, air transport, average price in euros per person and stay 5* hotel, air transport, average price in euros per person and stay One week stay in the period from 1.7. to 31.8.2022 breakfast 682€ half board 730€ all inclusive 856€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 725€ half board 798€ all inclusive 945€ One week stay in the period from 1.7. to 31.8.2022 breakfast 954€ half board 1125€ all inclusive 1518€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 1156€ half board 1487€ all inclusive 1945€
St. Paul´s Bay 3 and 4 * hotel, air transport, average price in euros per person and stay 5* hotel, air transport, average price in euros per person and stay One week stay in the period from 1.7. to 31.8.2022 breakfast 489€ half board 582€ all inclusive 935€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 588€ half board 737€ all inclusive 1150€ One week stay in the period from 1.7. to 31.8.2022 breakfast 886€ half board 1178€ all inclusive 1429€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 1180€ half board 1447€ all inclusive 1788€
Tenerife 3 and 4 * hotel, air transport, average price in euros per person and stay 5* hotel, air transport, average price in euros per person and stay One week stay in the period from 1.7. to 31.8.2022 breakfast 485€ half board 545€ all inclusive 652€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 543€ half board 632€ all inclusive 734€ One week stay in the period from 1.7. to 31.8.2022 breakfast 765€ half board 875€ all inclusive 1154€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 875€ half board 1078€ all inclusive 1345€
Mallorca 3 and 4 * hotel, air transport, average price in euros per person and stay 5* hotel, air transport, average price in euros per person and stay One week stay in the period from 1.7. to 31.8.2022 breakfast 444€ half board 494€ all inclusive 589€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 541€ half board 568€ all inclusive 678€ One week stay in the period from 1.7. to 31.8.2022 breakfast 772€ half board 894€ all inclusive 1548€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 984€ half board 1245€ all inclusive 1670€
Valencia 3 and 4 * hotel, air transport, average price in euros per person and stay 5* hotel, air transport, average price in euros per person and stay One week stay in the period from 1.7. to 31.8.2022 breakfast 612€ half board 1045€ all inclusive 1347€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 724€ half board 1313€ all inclusive 1685€ One week stay in the period from 1.7. to 31.8.2022 breakfast 1072€ half board 1314€ all inclusive 1518€ 10-day stay in the period from 1.7. to 31.8.2022 breakfast 1238€ half board 1646€ all inclusive 1911€

The content of this material constitutes marketing communication and should not be considered as any type of investment advice and/or investment research and/or a solicitation for any transactions. This material was prepared for informational/educational purposes only and does not imply an obligation to perform investment transactions nor does it guarantee or predict future performance. BCM Begin Capital Markets Cy Ltd and its relevant persons including affiliates, agents, directors, or employees do not guarantee the accuracy, validity, timeliness, or completeness of any information/data provided by third parties and assume no liability for any loss arising from any investment made based on the said information/data. Past performance is no guarantee of future results.