Spain is the best value holiday destination for Summer 2007, according to research by Co-op Travel and Travelcare.

Prices for destinations including Ibiza are down on average of 14% on last year – the average cost of a holiday to the Balearic Island is down from £474 to £406.

It has been named as one of five holiday hotspots where prices have fallen according to the company’s research, which looked at the top 30 destinations and deals offered by the major tour operators.

Other destinations emerging as good value are the Costa Del Sol, with prices dropping 13% and Corfu, where prices are 11% cheaper. Monastir is expected to see an 11% drop, while deals to Varna in Bulgaria are 7% lower.

Co-operative travel trading group chief operating officer Mike Greenacre said: “At this time of the year consumers are bombarded with advertisements as holiday companies aim to capture early bookers.

“However, for 2007 it seems there is genuine value to be had. Overall prices to the top thirty destinations have risen only slightly (1.8%) and for 11 destinations prices have actually fallen.”