Since 1990 the real estate market at downside continuously, the slowly recovery due to the government stimulate-upside policy. The investment of real estate still the preferred tools for gaining more profit. Earning higher real estate return that responded higher risk. How to hedge with risk in real estate investment has several paper research on it nation and national. The goal to gain higher return, not the risk-adjusted-return, due to the difficulty of risk measuring, especially on the real estate market. How to estimate the investment risk on real estate market? Has the measuring approach any difference with the other assets or derivatives? How to apply the Value at Risk (VaR) to measure the investment value at risk on House market. Our study focus on the demand side to evaluate risk from the pre-sale house investment; compute the risk-adjusted return, and compare with other (eg.stock return of construction) investment tools.