The Mediterranean country’s mainland was given a 92% value rating by past visitors in a survey of more than 2,000 people commissioned by Post Office Travel Money.
The Spanish Canary Islands were in second place at 91%, followed by Greece with 89%.
Turkey and Portugal were joint fourth with 88%.
Mexico was the highest ranked long-haul destination for value, with a rating of 85% putting it in eighth spot.
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Bulgaria, which has long been seen as a bargain holiday location, could only manage 12th place, with 80%.
At the other end of the scale, Scandinavia was given the lowest value rating out of 26 destinations analysed at 42%.
This put it below Dubai (44%) and Vietnam (59%).
According to the travel association ABTA, one in two say holidays are even more important to them now than they were before the pandemic. The company’s new trends report, Travel in 2022, predicts this year will be all about the 'catch-up consumer'.
The Spanish Balearic Islands are traditionally a popular spot for Scottish tourists tourists to visit, with Majorca – or Mallorca to give it its local name – a particular favourite for year-round sun.
The main draw for many tourists is Majorca’s miles of sandy beach – from secluded coves to bustling coastal resorts lined with bars and restaurants.
The poll also indicated that 53% of people who have been on a foreign holiday in the last five years plan to go on another this year, compared with 43% who said that in 2021.
Nick Boden, head of Post Office Travel Money, urged people to “consider the costs they will face in resorts abroad before they take the plunge and book a holiday”.
He went on: “While they weigh up the cost of flights and accommodation or package deals, they will need to watch what is happening with sterling as that will make a sizeable difference to the overall cost of their holiday.”
– Here are the top five destinations for value:
1. Mainland Spain (92%)
2. Canary Islands, Spain (91%)
3. Greece (89%)
=4. Turkey (88%)
=4. Portugal (88%)