The bar chart compares the percentage changes in average house prices in five cities over two periods, from 1990 to 1995 and from 1996 to 2002, using 1989 as the baseline.
Overall, the trends varied considerably between the two periods. While house prices declined in New York, Tokyo and London during the first period, the situation improved in most cities in the second period. London experienced the most dramatic recovery, whereas Tokyo was the only city to record negative figures in both periods.
Between 1990 and 1995, Frankfurt recorded the largest increase, at approximately 2%, followed closely by Madrid, at around 1.5%. By contrast, house prices in New York fell by 5%. Tokyo and London experienced even sharper declines, with both recording decreases of roughly 7.5%.
The period from 1996 to 2002 saw a considerable improvement in house prices in several cities. London, in particular, rebounded strongly, with prices rising by approximately 11.5%. New York also recovered, recording a 5% increase, while Madrid’s figure climbed to around 4%. Frankfurt, on the other hand, experienced a slight reduction in its growth rate, from 2% to 1.5%. Although Tokyo’s performance improved, its house prices still fell by approximately 5%.