Is it worth staying in Spain for a summer holiday or going abroad instead?

Traditionally, many Spaniards choose to stay in Spain for the summer holidays, heading on vacations with their extended families to the cooler costas or the mountains, but is that all starting to change?

Holidaying in Spain has in fact become so expensive, that according to the National Observatory of Outbound Tourism, 39 percent of Spaniards will spend at least part of their summer abroad this year.

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"International destinations are increasing for summer travel compared to last year," the study states, noting a greater preference for travelling abroad among younger people.

This is fuelled by a desire to discover foreign countries along with lower and more attractive prices in certain destinations, when compared to Spain.

According to Spain's national stats body INE and Eurostat, hotel room prices are set to rise by more than 20 percent this summer and general prices are up an average of six percent.

For example, the average price of a room in very basic hotel with no stars this year is €73. This is the same price that a three-star hotel was three years ago.

Basic hotels have also increased their prices by 25 percent this summer and five-star hotels by 22 percent.

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"These will be the most expensive vacations in recent memory," warns the Observatory analysis, which forecasts an average budget per person for this summer's vacation of €739. This includes 33 percent for accommodation, 23 percent for food, 19 percent for transportation, 11 percent for activities at the destination, and 10 percent for shopping. This equals €62 more than last year, which is a new record.

The average spending of those travelling abroad is generally higher. Last year, for example the average amount per person was close to €1,010, according to the INE.

Despite this “there are surprising cases where it costs almost the same to go to an island vacation destination in Spain as it does to Punta Cana in the Dominican Republic or Varadero in Cuba," explains Asier Baquero, academic director of the Master's in Tourism Innovation at the International University of La Rioja (UNIR).

Data from the Corporate Association of Specialised Travel Agencies (ACAVE) places Caribbean destinations such as Costa Rica, the Dominican Republic and Mexico among the most in-demand regions for Spaniards to travel to, although they also note a greater interest in Asian countries such as China, Japan, and Vietnam.

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Baquero explains that the influence of social media is making these destinations popular – along with favourable exchange rate between the euro and the yen in Japan. ACAVE also identifies Egypt, Thailand, Albania, and the Faroe Islands (Denmark) as international destinations that remain an attractive economic option this summer.

Of course, the flight is usually your biggest expense for these long-haul destinations. Once you arrive, countries such as Thailand, Vietnam, Egypt, Mexico and China offer great value accommodation and very affordable food and activities.

With prices rising so much in Spain, it's not hard to see why so many are opting for the option to travel abroad for relatively the same price.

Of course, this isn't the same for everyone, and many simply can't afford to go on holiday either here or abroad. For example, for 33.4 percent of Spanish families, say that they'll have to forego their annual summer holiday this year due to prohibitive costs. Many are also shortening their vacations instead - going for five days instead of a week for example.