The chart below shows information about changes in average house prices in five different cities between 1990 and 2002 compared with the average house prices in 1989.

Percentage change in average house prices in five cities 1990–2002 compared with 1989

The bar graph compares average house prices in five major cities between two periods—1990 to 1995 and 1996 to 2002—relative to 1989 levels.

Overall, house prices in Madrid and Frankfurt rose modestly in the early period, while the other cities experienced declines. In contrast, all cities except Tokyo saw increases in the later period, with London showing the most significant growth.

Between 1990 and 1995, Madrid and Frankfurt recorded slight increases in average house prices, at approximately 2% and 3% above 1989 levels, respectively. Conversely, prices fell in New York, Tokyo, and London. New York experienced a 5% drop, while Tokyo and London both saw declines of around 7%.

From 1996 to 2002, the trend reversed for most cities. London led with the strongest growth, as prices rose by about 12% over 1989 levels. New York and Madrid also experienced notable gains, at 5% and 4% respectively. Frankfurt showed only a minimal increase of around 2%, while Tokyo was the only city where prices remained below 1989 levels, with a 5% decline.