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

The bar chart compares the average

prices

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of houses in five

cities

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in 1990-1995 and 1996- 2002 with average

prices

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in 1989.

Overall

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it can be seen that

while

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the first period saw quite a significant drop in average

prices

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compared to 1989 in several

cities

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, the following time frame tended to experience a reversal of

this

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trend in most of the locations. From 1990-1995, three of the

cities

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, namely New York, Tokyo, and London, saw average

prices

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that were around 5% to 7.5% lower than in 1989.

On the contrary

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, the cost of houses in the

cities

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of Madrid and Frankfurt were slightly higher, by approximately 2% and 2.5% respectively. Turning to 1996-2002,

prices

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looked very different. Madrid and Frankfurt continued to see higher

prices

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comparative

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compared

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to 1989, but

while

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in Madrid they were now 4% higher, in Frankfurt they were only 2% above 1989 levels. In Tokyo, the only city to remain in negative territory,

prices

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were still below 1989 levels, standing at -5%. The most noticeable changes,

however

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, were evident in both New York and London, with the former seeing average

prices

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at 5% above those of 1989, the exact opposite of the previous period. London, though, had had a significant turnaround, with

prices

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now 12% higher