The given diagrams offer a glimpse of the real estate market in five major cities around the world over two periods, from 1990 to 1995，and from 1996 to 2002 compared with the average house prices in 1989.
Madrid is the only city which saw housing prices climb throughout the ten-year period. In the first five years, a 2% rise was recorded in Madrid. The increase accelerated in subsequent years, with a 3% gain seen. To great surprise, London and New York underwent similar trend, to be exact, compared with 1989, the latter had a fall of 7% in the first 5 years but enjoyed an astounding 12% increase over the period between 1996 and 2002 as against the former (5%, 5%).
By contrast, the property market of Tokyo was continuously at recession, reflected in an average 6.5% drop. It is notable that the decrease in the housing price in Frankfurt was narrower, 2% of growth against 1998, but still disappointing, compared to its 3% increase in the first half of 1990s.
To recall, there were significant differences in the housing market in those five cities in the last decade of the last century. While some experienced a long period of growth, the rest were subject to price fluctuations.