The chart illustrates the percentage change in average house prices in five countries, which are the USA, Spain, Japan, Germany, and the UK, between 1990 and 2002 in comparison to the average house prices in 1989. It is clear that this illustration is based on just one city that could be considered a candidate for that country.
It is noticeable that average prices have had a downward trend over the first five years since 1989. However, it had upward growth between 1996 and 2002 compared to 1998. It is clear that both of these trend patterns had exceptions, which were Frankfurt and Madrid.
In more detail, New York, Tokyo, and London had a decrease in average housing prices by 5%, at just 7% for both of them, respectively, between 1990 and 1995. However, it rose by at least 10% in New York, which reached 5%. In addition, the same pattern happened in Tokyo and London. They experienced a rise of 2% and approximately 19%, reaching -5% and 12%, respectively. By contrast, Madrid and Frankfurt saw positive growth in housing prices between 1990 and 1995, at 2% and 3% subsequently, and it continued to 4% in Madrid between 1996 and 2002. However, over the five following years, the trend declined to 1% in Frankford.