The bar chart depicts data about housing cost fluctuations in the five big cities in the period from 1990 to 2002. Overall it can be seen that while the first period saw quite a significant drop in average prices compared to 1989 in several cities, the following time frame tended to experience a reversal of this trend in most of the locations.
From 1990-1995, three of the cities, namely New York, Tokyo, and London, saw average prices that were around 5% to 7.5% lower than in 1989. On the contrary, the cost of houses in the cities of Madrid and Frankfurt were slightly higher, by approximately 2% and 2.5% respectively.
Turning to 1996-2002, prices looked very different. Madrid and Frankfurt continued to see higher prices comparative to 1989, but while in Madrid they were now 4% higher, in Frankfurt they were only 2% above 1989 levels. In Tokyo, the only city to remain in negative territory, prices were still below 1989 levels, standing at -5%.
The most noticeable changes, however, were evident in both New York and London, with the first seeing average prices at 5% above those of 1989, the exact opposite of the former period. London, though, had had a significant turnaround, with prices now 12% higher.