The chart provides data about the percentage change in average house prices in five cities between 1990 and 2002, with a comparison of their level in 1989.
Overall, house prices fell in most cities during the first period but rose significantly during the second. London had the highest growth, whereas Tokyo was the only city to remain below the 1989 level over time.
Between 1990 and 1995, house prices fell considerably in three cities. London and Tokyo recorded similar percentage changes, at -3%, while New York had nearly -5%. However, Madrid and Frankfurt increased to around 2% and 3%, respectively.
From 1996 to 2002, the price of houses in all cities changed considerably. Most of the cities experienced significant growth compared to past years, except Tokyo and Frankfurt. New York stood at nearly 5%, while Madrid had approximately 4%. Moreover, Tokyo remained below the level of 1989, with -5%, and Frankfurt was at around 2%. London rose to around 12% compared to 1989.