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Hungary border town booms after Romania's Schengen entry

Pablo Gutierrez in Hungary
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00:54

Since Romania joined Europe's Schengen zone in January, cross-border real estate interest has surged in Hungarian towns like Gyula, near the Romanian border.

One new arrival is Eva Kun, who recently purchased a home with her family after years living across the border.

"In Romania, houses are very expensive. Here is cheaper. And that was the reason. The one reason," said Kun.

Her family paid just over $22,000 for a fixer-upper. Back in Romania, a similar property would have cost nearly four times as much.

Local real estate agent Gabor Nagy said Gyula's market has taken off.

"Property here costs about a third of what you'd pay in Romania's big cities. Some people buy weekend homes, but others are settling here for good - partly because nearby Gyula is a popular spa town with plenty of job opportunities," said Nagy.

Tourist numbers in Hungarian town Gyula have shot up by half./ CGTN Europe
Tourist numbers in Hungarian town Gyula have shot up by half./ CGTN Europe

Tourist numbers in Hungarian town Gyula have shot up by half./ CGTN Europe

Gyula, with a population of 26,000, has long been known for its spa culture and medieval brick castle. But its appeal is broadening.

This year, real estate searches for properties in Gyula from Romanians are up by 90 percent. Tourist numbers are also up by 50 percent.

That attention has brought investors. Louis van Balen, once a music executive, is now betting big on Gyula. He's investing $20 million in a large wellness resort.

"We are here building a unique place on 4 hectares out of 66 hectares we own. It's going to be a kind of family park," said Van Balen, speaking from his project site.

His vision is affordability, not extravagance. He says a week-long stay in a furnished yurt will cost around $160.

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