The Nokia Lumia 520 Windows Phone handset was just honored at the 2014 GMA Awards, receiving the award for the Best Low Cost Smartphone.

It's hardly a secret that the Nokia Lumia 520 is the most popular Windows Phone handset of them all. It may not have the high-end specifications of Nokia's most recent top-notch offerings, but it struck a chord with consumers because it has the best specs in its category. Combine that with a budget-friendly price tag, and you have a winner.

The most popular Windows Phone handset has now received the title of the Best Low Cost Smartphone at the 2014 GMA Awards, shedding any potential doubt that the Nokia Lumia 520 is a great success.

There may be a slew of budget-friendly Android handsets currently available on the market, including Motorola's much-touted Moto G, but it seems that Nokia has beat them all with its Windows Phone-based Lumia 520.

"The Nokia Lumia 520 is one of Nokia's most affordable Windows Phone 8 smartphones, delivering experiences normally found in high-end smartphones," reads the description on the GMA Awards page listing the winners in this category.

"A smartphone that hasn't compromised on quality - a trailblazer for Nokia's low-cost efforts," added the judges' comments, further praising the Nokia Lumia 520.

Nokia also scored a win in this area with its Nokia 105, which was awarded the title of Best Entry Level or Featurephone at the GMA Awards.

"The Nokia 105 is the ideal device for the first-time phone buyer, featuring a bright color screen with clear menus and essentials like FM radio; multiple alarm clocks; speaking clock; a dust and splash-proof, pillowed key pad; and a flashlight. Its durability and up to 35-day battery life also make it ideal for people seeking a back-up device," reads the description.

In other words, Nokia may not have managed to take down its rivals on the top-end segment of the market, but it definitely has things going great in the low-end with its award-winning handsets. Once Windows Phone 8.1 makes its debut, the Nokia Lumia 520 will likely become even more popular and highly-regarded, especially with features such as Cortana, Microsoft's much-rumored digital assistant.