Sofia has topped the chart for cheapest European destinations, which includes 40 cities, according to the travel website priceoftravel.com.

Deutsche Welle has reported that the rating for 2011 was made on the basis of the prices for cheap/good hotel, transportation, meals, drinks/entertainment and attractions.

"Europe's cheapest tourist city [Sofia] is becoming more popular each year, partly due to the low prices for almost everything, but its remote location will still be a problem for most casual travelers," the website said.

One day in Sofia costs an average of BGN 30.30, which equals USD 20.75.

Poland's Krakow ranks second, with a daily "backpacker index" of USD 26.55 per day. Romania's Bucharest ranks third with an index of USD 28.30 per day.

One day in Budapest costs an average of USD 33.10, while the cost for Istanbul is USD 35.77. The cities rank fourth and fifth, respectively.

Tourists will spend the most money if they choose tourist destinations in Scandinavia. The average price for a day in Oslo is USD 102.23, in Stockholm – USD 93.73, in Copenhagen – USD 84.59, in Helsinki – USD 81.60.

Europe's most expensive destination, according to the chart, is Zurich, where a tourists would spend an average of USD 111.49 per day.