The bar chart illustrates the percentage change in average house prices across five global cities during two periods, 1990-1995 and 1996-2002, relative to 1989 levels.
Overall, house prices in most cities showed a recovery or growth in the second period compared to the first, with London experiencing the most dramatic shift. While Tokyo remained the only city to record negative growth in both periods, other cities generally saw improved performance after 1995.
In the 1990-1995 period, London and Tokyo both experienced the steepest declines, with prices falling by 7.5% in each. New York also saw a decrease of 5%. Conversely, Madrid and Frankfurt bucked the trend, recording modest growth of 1.5% and 2% respectively.
During the 1996-2002 period, the market dynamics shifted significantly. London witnessed a remarkable turnaround, with prices surging by 11.5%. New York also moved into positive territory with a 5% increase, while Madrid saw its growth rise to 4%. Frankfurt experienced a slight dip in its growth rate to 1.5%. Tokyo continued to struggle, although its decline moderated to 5%.