||Studies show that devices that emit electromagnetic fields (EMFs) are no longer seen as a welcome sign of progress due to the potential health hazards from these. The introduction of cellular phone systems and a rapid increase in the number of users of cellular phones in the last decade has increased the exposure of the population to EMFs quite considerably. Health consequences of longterm use of cellular phones are not known in detail, but available data indicate that development of non-specific 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). A concern associated with cellular phone usage is the siting of cellular phone transmitting antennas (CPTAs) and base stations (CPBSs). The extent of opposition from property owners affected by the siting of these is increasing due to fears of health risks from exposure to EMFs (despite research reports to the contrary), changes in neighbourhood 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. This paper outlines both the results of a pilot study carried out in Auckland, NZ in 2002 and the initial results of a study carried out in Christchurch, NZ in 2003 to show the effect of CPBSs on residential property values. The research examines residentsí perceptions toward living near CPBSs and how they evaluate the impacts of these structures. A case study approach was used. The results were mixed with responses from residents ranging from having no concerns to being very concerned about proximity to a CPBS. Consequently, how these perceptions impact on property values was also mixed with responses from residents ranging from being prepared to pay the same to being prepared to pay more than twenty percent less for a property located near a CPBS. Interestingly, in general, those people living near the CPBSs were much less concerned about issues such as future health risks or the aesthetic problems caused by the sites than people who lived in areas further away from them. The more in-depth study currently in progress in Christchurch to confirm the survey results includes an econometric analysis of sales transaction data. Christchurch 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 CPBSs.