The bar chart provides data on the percentage change in average house prices in five major cities—New York, Madrid, Tokyo, Frankfurt, and London—during two periods (1990-1995 and 1996-2002) in comparison to their 1989 levels.
In summary, the first period was characterized by a general decline in house prices, whereas the second period saw significant recovery in most cities, with London experiencing the highest growth and Tokyo remaining in negative territory.
Between 1990 and 1995, most cities experienced a decline in house prices. The most pronounced decreases were seen in Tokyo and London, where prices fell by approximately 7% and 5%, respectively. New York also recorded a minor decline of about 2%, while Madrid and Frankfurt were the only cities to register a positive change, with increases of around 1-2%.
However, in the subsequent period (1996-2002), the trend reversed for most cities. London witnessed the most substantial recovery, with house prices surging by nearly 12%, while New York saw an increase of around 5%. Madrid and Frankfurt continued to experience modest growth, whereas Tokyo was the only city where house prices remained below 1989 levels, indicating a persistent downward trend in the Japanese housing market.