Turkey has dislodged Spain from its position as favorite British tourist destination, as the overvalued euro has rendered vacations in Spain quite costly, a recent survey has shown.

UK newspaper the Daily Telegraph published the results of the survey, which was conducted by independent travel group Cooperative Travel on 200,000 Britons.

The daily identified the new situation as a “seismic shift” in the way Britons make their bookings and reasoned that this change is a direct result of the economic crisis that began with the US-subprime mortgage market and then spread to Europe and beyond. Britain is one of the countries that have seen the greatest impact from this crisis. The survey revealed that the average cost of a vacation in Spain for a British tourist is 465 pounds whereas it is only 357 pounds in Turkey. The daily noted that Spain had been the most favored destination among Britons since the 1960s.

According to the survey, bookings to Spain’s tourism capital of Majorca by Britons declined by 13 percent for the current summer season compared to last year. Furthermore, 30 percent more Britons opted to spend their time and money in Turkey. For the same reason, Egypt has also enjoyed an increase in bookings, with the Egyptian coastal district of Sharm el-Sheikh seeing a jump of 38 percent over last year’s booking figures.

Two leading UK tour operators, Thomson and First Choice, told the daily that more holidaymakers are tending to take advantage of all-inclusive or full-board options, which are popular offerings among Turkey’s travel agencies and hotels. Although the all inclusive pricing mechanism is widely criticized by small companies and shopkeepers in Turkey’s domestic tourism centers on the grounds that it prevents visitors from spending money outside of their hotels, tourists are increasingly choosing this option since it gives them the opportunity to know all the costs beforehand.

According to the survey, the top 10 holiday destinations among British tourists are Dalaman in Turkey, Majorca in Spain, Crete in Greece, Bodrum in Turkey, Algarve in Portugal, Cyprus, Tenerife in Spain, Costa Blanca in Spain, Sharm el-Sheikh in Egypt and Rhodes in Greece.