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.
The bar chart illustrates the differences in house expenses in five metropolitan areas: New York, Tokyo, London, Madrid and Frankfurt in two spans: between 1990-1995 and 1996-2002 compared to 1989.
Overall, from 1990-1995, most cities experienced a major decrease in house costs in comparison to the year 1989, apart from Madrid and Frankfurt. On the contrary, in the second phase (1996-2002), prices of houses rose significantly with the exception of Tokyo. Throughout the period, London had the most notable changes amongst five cities.
Between 1990-1995, London and Tokyo's percentage change had greatly declined at around -7% compared to 1989, followed closely by New York with -5%. In contrast, the capital of Spain and Frankfurt witnessed a slight rise in costs, with approximately 2% and 3% respectively.
Moving on to the 1996-2002 period, London's proportion reached over 10% increase in house prices. Similarly, the figures for New York city and Madrid also climbed to nearly 5%, as opposed to Frankfurt where it dropped by about 2% compared to the previous period. Meanwhile, Tokyo, although rose by 2%, remained at the bottom.
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