Paris home value priced in VNQ
The Paris implied 60 m² old apartment value rose from €267,000 to €576,000. In VNQ terms, it moved from 6,526 units to 7,459 units—a 14% increase.
- Implied 60 m² old-apartment value at the published Paris price per square metre
- Paris municipality
- quarterly
- 13 assets
- VNQ units per implied 60 m² old apartment
- 7,459VNQ
- Through 2025-12
- Since 2004
- +14.3%
- Cost in VNQ
- Home value
- +115.7%
- Full history
- VNQ price
- +88.8%
- Full history
| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| VNQ units per implied 60 m² old apartment | 6,526 | 7,459 | 5,647 | 17,634 |
How this is calculated
Home value in EUR ÷ VNQ quarter average in EURHousing value as published for the calendar quarter; asset and FX prices are arithmetic means of their available daily closes in the same calendar quarter.
Use split-adjusted close for literal share counts; exclude cash-distribution adjustments.
Measure definition
Frequently asked questions
12 answersWhat does Paris home value priced in VNQ mean?
It is the published home-value measure for Paris municipality divided by the aligned VNQ price. The result is the number of VNQ units equal to that home value.
Why can the VNQ units required fall while the home value rises?
The unit count falls when VNQ appreciates faster than the local home-value measure. The two local-currency values can both rise while their ratio declines.
How are the housing and asset observations aligned?
Both inputs use the same calendar quarter. A page includes only periods with both a housing observation and a valid asset price.
Does the VNQ series include reinvested income?
No. The calculation uses the documented price series for literal asset units and excludes dividend-reinvested total returns.
Where do the Paris housing and VNQ data come from?
Notaires du Grand Paris / Notaires–INSEE supplies the housing series for Paris municipality. The VNQ series uses VNQ from the asset source linked beside the chart. Both inputs are converted to EUR where required before the ratio is calculated.
How many observations are included?
86 aligned observations are shown from 2004-09-30 through 2025-12-31. All are marked complete.
Can the latest reading change after publication?
Yes. Refresh the full official table. Île-de-France quarters receive a provisional and then final publication; methodology revisions may update history. The page was derived from housing data fetched on 2026-08-23, and later source revisions can change the result.
What should I conclude from a falling asset-unit cost?
It means VNQ appreciated faster than the published Paris home-value measure over that interval. It is a relative-price observation, not a claim about affordability, transaction costs, causality, or future performance.
How do currency moves affect the VNQ comparison?
VNQ is quoted in USD and converted into EUR for each observation. The resulting home-in-VNQ ratio can therefore reflect both the asset-price move and the exchange-rate move.
Why might the housing observation lag or look smoother than the market price?
Notaires du Grand Paris / Notaires–INSEE publishes a quarterly housing measure based on its own collection and revision process. VNQ market prices update more frequently, so the aligned chart can still show a smoother or slower-moving housing series.
Can this ratio be used as a portfolio performance benchmark?
Not on its own. It is a descriptive relative-price series, not a total-return or risk-adjusted benchmark. It excludes income, costs, financing, liquidity, volatility, and investability constraints.
How should I cite this observation?
Cite the PIER20 page and access date, then identify Notaires du Grand Paris / Notaires–INSEE as the housing source and VNQ as the asset series. State that the comparison runs through 2025-12-31 and uses quarterly aligned observations.