The bar chart illustrates the fluctuations in average accommodation costs in five cities across the world since 1989, in two time periods, namely 1990-1995 and 1996-2002.
Over the period from 1990 to 1995, the average house prices in both Madrid and Frankfurt showed a marginal rise since 1989 by approximately 1.25% and 2%, respectively. Conversely, house expenditure declined in the other three cities. In detail, residence in New York became less expensive by 5% compared to 1989, while the prices in Tokyo and London exhibited an equivalent 7.5% decrease.
In the following five years, while house expenses in Tokyo remained lower in comparison to those in 1989, in the remaining cities the costs recorded a notable rise. Specifically, Frankfurt’s house prices marked the smallest change by roughly 1.25%, whereas the average prices in New York and Madrid showed a steeper increase by 5% and 3.75%, respectively. Surprisingly, London’s accommodation cost significantly climbed since 1989, exceeding a 10% change.
Overall, over a 12-year period, from 1990 to 2002, the average cost of accommodation substantially increased in all cities except Frankfurt. London prices saw the most notable shifts, with the average house cost surging by 2002.