Studies show that there are concerns about devices that emit electromagnetic fields (EMFs) due to the potential health hazards from these. One such device that has become widely used throughout the world in recent years is cellular phones. Health consequences of long-term use of cellular phones are not known in detail, but available data indicate that development of nonspecific health symptoms is possible (Szmigielski & Sobiczewska, 2000). Conversely, it appears health effects from cellular phone equipment (antennas and base stations) pose few (if any) known health hazards (Barnes, 1999). Despite research reports to the contrary there appears to be ongoing concern about the siting of cellular phone transmitting antennas (CPTAs) and base stations (CPBSs) due to fears of health risks from exposure to EMFs, changes in neighborhood aesthetics and loss in property values. However, the extent to which such attitudes are reflected in lower property values affected by cellular base stations is not known in New Zealand (NZ). This paper outlines the results of research carried out in NZ in 2004 to show the effect of CPBSs on residential property values. The study involves analysis of residential property sales transaction data using GIS and multiple regression analysis in a hedonic framework to determine the effect of proximity to CPBSs on residential property values. Christchurch, NZ was selected as the case study area for this research due to the large amount of media attention this area has received in recent years relating to the siting of CPTAs and CPBSs. The results of this research will be of interest to chartered surveyors when valuing properties in close proximity to CPBSs and for determining compensation, if any, to affected property owners.