The bar chart illustrates the percentage change in average house price between two periods (1990 to 1995 and 1996 to 2002), compared with prices in 1989. The data is categorized into five different cities: New York, Madrid, Tokyo, London, and Frankfurt.
Overall, house prices dropped significantly between 1990 and 1995 in New York, Tokyo, and London, while prices in Madrid and Frankfurt slightly increased during this period. From 1996 to 2002, although property values rose in four out of five cities, the property value in London underwent explosive growth.
Between 1990 and 1995, there were declines in three cities compared to the 1989 baseline. Tokyo and London recorded the sharpest declines, at -7.5%, while prices in New York fell by -5%. Meanwhile, house prices in Madrid and Frankfurt grew slightly to roughly +2% and +3%, respectively.
From 1996 to 2002, most cities experienced a reversal and climbed into positive territory compared to 1989. In London,house values underwent a dramatic boom to reach their peak at +12%, representing the largest increase across the five cities during this period. Furthermore, property prices in New York rebounded to +5%, and Madrid rose slightly to +4%. Although prices in Frankfurt were relatively lower in the previous period, they were still positive relative to the 1989 baseline at 1%. Finally, Japan was the only exception, remaining in the negative at -5%.