Windpower is considered to be an effective alternative to carbon basedenergy production. On the other side the construction of windpowerplants isoften opposed by neighbours with arguments of noise or disturbance of thelandscape. The following studie tries to uncover the relationship betweenwindpowerplants and the prices of real estates (free building land and singlefamily houses). Starting with descriptive statistics a hedonic model is usedto analayze the effect of the distance between the powerplant and the realestates taking into account the different times of constuction/transaction.The analysis is performed for the Austrian federal state of Lower Austria.The real estate data stem from internet data bases as well as the Austrianreal estate index.