Tallinn, the capital of Estonia, was the cheapest of 11 Christmas markets in Europe surveyed by Post Office Money.
A two-night break for two in the city costs £538 - making it a third cheaper than a getaway in Stockholm, the most expensive on the list.
Researchers calculated the cost of return flights, B&B accommodation, airport to city centre transfers, two evening meals for two with wine, coffee, festive drinks and snacks in the Christmas market to rank the cities.
Riga in Latvia came in second at £547 while Prague, Czech Republic, was ranked third at £582 thanks to the low cost of eating out.
In western Europe, Munich was found to be the best value festive break costing £609.