The article estimates flood risk perceptions by exploiting the different dates of release of information about flood risk around Paris from 2003 to 2012, a period when flood risk was not salient in the region. We implement a difference-in-differences specification on unique data on property transactions combined with geo-localised amenities from a major European city. The results indicate that home prices for similar real estate are 3 to 7% lower following information release when located in a flood risk zone, depending on the submarket (flats or houses). The effect is persistent. The discount is higher, the higher is the flood risk designated by the regulation. Buyers’ previous exposure to floods reduces the price discount.