The given bar chart illustrates the key elements in house prices in five major cities; London, Tokyo, Frankfurt, Madrid, and New York and its changing throughout the 8 years of period, from 1990 to 2002 in comparison with average prices in 1989. Overall, it is clearly seen that London experienced the most significant growth in house prices, whereas Tokyo showed the greatest decline. Noticeable contrasts can be observed among all cities.
First and foremost, according to what is shown, during the period 1996-2002, London’s housing market show the sharpest rise, reaching approximately 12%, while Tokyo’s property values fell by about 4%, marking the lowest figure among the cities.
Secondly, in contrast, Frankfurt’s average house prices slightly decreased, from nearly 3% in the first period to about 1% later on. Meanwhile, New York and Madrid recorded modest increases, at around 5% and 4%, respectively.
Throughout the years, the gap in property price movements between London and Tokyo remained substantial.
