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.

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The bar chart indicates the information regarding the adjustments of average house prices among five different cities (New York, Spain, Tokyo, Germany and London) during the period 1990 to 2002 in comparison with situation in the year 1989.

On the whole, the average house prices in three out of five cities compared with 1989 dropped between 1990 and 1995. However, during the last seven years, only Frankfurt met a downward trend, based on its proportion in the first stage.

In the initial five years (1990-1995), the average house prices of Tokyo and London both declined by approximately 7%. As for New York, the percentage only fell by 5%, but Madrid and Frankfurt are the reverse, with rising house price percentages slightly above that in 1989.

By contrast, amid the final stage (1996-2002), almost every city’s pricing for house in average was leveled up. Notwithstanding Frankfurt experienced a minute decrease, the proportion of London surged dramatically, from -5% in the years 1990-1995 to around 10% in the end. In regard to New York and Madrid, both of them witnessed their upward trends as well, especially the former, from -5% to 5%. Although Tokyo’s average house price was still below that in 1989, it went up by 2% more or less.