The bar chart illustrates the percentage alterations in average house prices across five major cities – New York, Madrid, Tokyo, Frankfurt, and London – from 1990 to 2002, benchmarked against prices in 1989. Overall, while most cities experienced fluctuating house price trends over the period, Tokyo stood out with a substantial increase in prices by 2002. In contrast, New York and London generally saw negative or modest changes, whereas Madrid and Frankfurt registered consistent, albeit varying, growth. During the initial period of 1990-1995, three of the five cities recorded a decline in average house prices relative to 1989. New York’s housing market contracted by approximately 5%, while London and Tokyo both registered a drop of around 7%. Conversely, Madrid experienced a modest increase of just over 1%, and Frankfurt saw a slightly higher rise of roughly 2% in its average house prices. Turning to the subsequent period from 1996 to 2002, the housing trends largely reversed or accelerated. Tokyo demonstrated a remarkable recovery, with its average house prices soaring to nearly 12% above 1989 levels, marking the highest growth among all cities. Madrid continued its upward trajectory, achieving a 4% increase, while Frankfurt saw a more modest rise of just under 2%. In stark contrast, New York’s prices, despite recovering from their earlier decline, remained negative at approximately -2%, and London experienced a further slump, falling to around -5% below the 1989 baseline.
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