The graph illustrates the percentages of fluctuation in average house prices in five different cities in 1990 to 1995 and 1996 to 2002 compared to their 1989 prices. Overall, it can be clearly seen that first time span showed a general drop in average prices, whereas the following period demonsrated a relatively higher amount in their prices.
To begin with, from 1990 to 1995, New York, Tokyo, and London’s accommodation costs were significantly lower than that of 1989 with a decrease of approximately 5% and 7%, respectively. Conversely, other cities, Madrid and Frankfurt, had slightly higher amount of house costs, between 2% and %3 during this time.
On the other hand, over the period between 1996 and 2002, it is evident that Tokyo had a smaller drop in the house prices compared to previous 5 years, at 5%. However, the changes in the price of housing represented growth, at 5% in New York, 4% in Madrid compared to their values in 1989. Similarly, London had a drastic rise in residence prices in contrast to 1989, at around 12%. Finally, house prices in Frankfurt were 2% more than 1989 ones.