Windpower is considered to be an effective alternative to carbon based energy production. On the other side the construction of windpowerplants is often opposed by neighbours with arguments of noise or disturbance of the landscape. The following studie tries to uncover the relationship between windpowerplants and the prices of real estates (free building land and single family houses). Starting with descriptive statistics a hedonic model is used to analayze the effect of the distance between the powerplant and the real estates 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 Austrian real estate index.