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Average house price changes in 5 cities
The bar chart illustrates the percentage change in house price in five different urban areas in different countries from 1990 to 2002 in comparison with the average house price in 1989. As can be seen from the chart, house prices in the cities in question decreased or increased very slightly during the first six years while the second period from 1996 to 2002 saw an increase in most cities.
In the first period from 1990 to 1995, three in five cities had negative rates of average house prices change namely Tokyo, London and New York. Tokyo and London both had a 7.5% drop while houses in New York were sold at 5% lower prices than in 1989. Madrid and Frankfurt experienced slight rise of approximately 2%.
In the next 7 years, however, houses in most cities were sold at higher prices compared to 1989. Average house price change in London surged from -7.5% to 12%. Average amount of money spent on a house in New York, Madrid and Frankfurt increased 5%, 4% and 1.5% respectively compared to that in 1989. The reduction of house price in Tokyo also contracted to 5% compared to 7.5% in the previous period.