Excessive development in hillside areas around Taipei Metropolis has increasingly caused the occurrence of floods in last decade. Many researches about hazards indicate that there will be disadvantageous consequences to real estate market when hazardous events happen. And we believe that this is due to the risk aversion tendency when people confront risky situation. This study aims to assess the impact of flood events and public risk perception on housing property market. To measure the short-term price fluctuation in housing property market results from flood events, we compare the trend price predicted from time-series model to market price before and after the event. While to analyze risk perception, we obtain public collective expressed preference about decision under flood risk through attitude scales surveyed to owner-occupiers and tenants residing in Taipei Metropolis. Finally, the impact of public risk perception to property market will be presented through correlation.