2  BIS Review 48/2004  Figure 1 Rural property prices and the CPI Annual percent change  The first thing to note is that rural property prices fell through much of the 1985-89 period, following the abolition of subsidies. In real terms, this fall was severe.
In figure 1, we can view the gap between the rural property prices and the CPI as being the change in real property prices. The fall in real prices in the 1980s was huge, since nominal property prices were falling at the same time as consumer inflation was high.