A family of four can enjoy a week’s holiday in Paphos for £1,130, according to Post Office Travel Money.
The study of 10 popular winter sun spots found that Lanzarote, one of the Canary Islands, was runner-up at £1,663.
A package holiday in Cancun, Mexico, at £2,106 was found to be cheaper than some destinations closer to home, such as Sliema, Malta (£2,113) and another Canary Island, Tenerife (£2,147).
Mexico’s peso is the only currency weaker against the pound than a year ago, meaning UKtourists have around 3% more cash to spend than in early 2016.
The most expensive location included in the research was Jumeirah, Dubai, at £3,266, which was driven by the high cost of food and drink.
It was followed by Punta Cana in the Dominican Republic (£2,791) and Penang, Malaysia (£2,382).
Andrew Brown, of Post Office Travel Money, said: “Bargain-hunters should always add the cost of meals and drinks in resorts to the price of a holiday package to find the destination that will give them the best overall value.”
Source: Cyprus Mail