Risk evaluation has been an important task for real estate investments in uncertain economic conditions. Fuzzy rule based systems (FRBS) have been the most popular and easiest way to capture and represent fuzzy, vague, imprecise and uncertain domain knowledge. This study proposes a fuzzy rule based risk evaluation model for real estate investments. The proposed model uses fuzzy IF-THEN rules to determine a mapping from fuzzy sets in the input universe of discourse to fuzzy sets in the output universe of discourse based on fuzzy logic principles. In this study, the rule base of the model combines the factors of price, location, technical characteristics of a real estate with general economical factors of market.