The annual cost comparison study, dubbed TripIndex Cities, listed Jakarta as the world's best value destination after Hanoi.
An evening out and an overnight stay in a four-star hotel for two in the capital of Indonesia, for example, costs an average of Rp 1,782,555 (US$150.92) - only Rp 62,128 more expensive than Hanoi.
TripIndex Cities 2014 also claimed Jakarta showed the largest change from last year compared to any city, moving up 19 places to become one of the most affordable cities for a night out.
Thanks to its cheap taxi fares, Jakarta is also the most affordable city to get around. Grabbing a taxi to make a short return journey of 3-kilometers only costs around Rp 32,570 - nearly 20 times less than the same trip in Oslo, for example.
“The TripIndex Cities list helps travelers see where their money goes the furthest as they plan their vacations. This year’s results show that European destinations continue to top the most expensive list, while Asian destinations are still the most affordable,” said TripAdvisor spokesperson Jean Ow-Yeong in a press release on Thursday.
Conducted by independent research firm Ipsos Mori, TripIndex Cities basically compares the cost of an evening out in tourist cities around the world, taking into account typical costs for two people to enjoy a pre-meal cocktail at a five star hotel, a meal out, taxis and an overnight stay for two in a four-star hotel during June to August.
This year's destination list comprises key cities from 48 of the 50 countries receiving the largest number of international visitor arrivals, according to data compiled by the World Tourism Organization (UNWTO).