The fact that visiting Riga is less expensive than staying in London does not make Latvia the cheapest place on earth. It's not the cheapest place in Europe, either.

Beware of any advice that pinpoints that "cheapest place in Europe," because it's unlikely to be an accurate or enduring message.

But, like the Baltics, there are other European destinations where lower daily costs still lead to memorable travel adventures.

Here are a five other places that have earned (at least for now) reputations for offering great values. Before you plan trips to any of them, be sure to read the latest on their political situations using our warnings links.

Albania

With the possible exception of Communist China, Albania was one of the world's most isolated nations a few decades ago. Now the economy is booming and the locals name favorite restaurants for other nations and cities. Lonely Planet says travelers on a tight budget can get by in Albania on $30-40 a day. You'll find centuries worth of archeology, Roman ruins and some of Europe's most acclaimed beaches along the Adriatic.

Croatia

Beaches are also a big attraction in the Dubrovnik area of Croatia. On the island of Mljet, you can visit a Benedictine monastery and a national park featuring saltwater lakes. Best of all, tourists in Croatia travel in relative comfort on $50-70 a day.

Hungary

Visitors willing to venture outside of Budapest find gorgeous scenery and some of Europe's friendliest travel bills.

About $35/day allows comfortable travel, but it's possible to spend much less.

Germany's East Frisia

Not far from expensive Hamburg and Hanover, Germany's northwestern region known as East Frisia offers tranquility and relatively low prices for northern Europe. Cyclists enjoy miles of well-maintained, flat trails through countryside that has not changed much in the past few centuries. Cities such as Leer and Emden provide an authentic look at seafaring through the centuries.

Poland

Like the Baltic States, Poland is being "discovered," but here the process is more advanced. That means in larger cities, you will pay prices similar to Western Europe. But the capacity for economy is great. You can still walk into a market and buy lunch for a dollar.