Conference paper: The paper examines the effect of flood risk regulation on property prices in the inner suburbs of Paris, France, over the period 2003 to 2012. We use unique data on property transactions and geo-localised amenities from a major European city exploiting the different dates of implementation of the flood risk zone regulation. Using an identification strategy based on a difference-in-differences specification, the results indicate that home prices for similar real estate are 3 to 7% lower when located in a flood risk zone, depending on the sub market (flats or houses). The discount is higher, the higher is the flood risk designated by the regulation. Buyers' previous exposure to floods reduces the price discount.