Nokia announced its third Windows Phone 8 powered device, the Lumia 620, which it said is the “most affordable” in the range.

Set for availability early in 2013, the device is estimated to cost US$249 excluding taxes and subsidies. Its initial target market will be Asia, “followed closely” by Europe and the Middle East before further expansion.

Nokia claims it offers a “fun, youthful appeal, and compact design”, and supports exchangeable shells. In terms of specifications, the device (unsurprisingly) comes in below the previously-announced Lumia 820 and Lumia 920.

It has a 1GHz dual-core processor, compared with 1.5GHz dual-core for its siblings; has 512MB of RAM, compared with 1GB; five megapixel camera, as opposed to eight megapixels and 8.7 megapixels for the 820/920; and an LTE version has also not been announced.

The device has a 3.8-inch screen, and includes NFC. The Lumia 620 is a successor to the Lumia 610, introduced at the GSMA Mobile World Congress earlier this year. The company has subsequently introduced another low-end Windows Phone device, Lumia 510, which uses the last version of Microsoft’s Windows Phone platform – WP7.5.