The bar chart illustrates the percentage changes in house prices in five cities—New York, Madrid, Tokyo, Frankfurt, and London—compared to 1989 levels, over two periods: 1990–1995 and 1996–2002.
Overall, house prices declined in most cities during the first period but recovered in the second. London experienced the strongest rebound, while Tokyo remained negative across both periods. Madrid and Frankfurt showed consistent positive growth, though Frankfurt’s slowed over time.
From 1990 to 1995, house prices dropped sharply in London (-7%), Tokyo (-7%), and New York (-5%). In contrast, Madrid and Frankfurt recorded modest increases of 2% and 2.5%, respectively.
Between 1996 and 2002, most cities saw recovery. London led the growth, surging from -7% to 12%, the highest increase. New York also rebounded, with a 5% rise. Madrid continued to grow, doubling its increase from 2% to 4%. Frankfurt’s growth moderated slightly, dropping from 2.5% to 1.5%. Meanwhile, Tokyo improved slightly, though it remained negative, rising from -7% to -5%.
In summary, the second period marked a turnaround in house prices for most cities, with London showing remarkable growth. However, Tokyo was the only city to remain in decline throughout the period.