We examine the impact of cell phone base stations on prices of condominiums in Hamburg, Germany. This is the first hedonic pricing study on this subject for real estates in Europe and the first worldwide which examines the price impact of base stations within a whole metropolis. We distinguish between individual masts and groups of masts. Based on a data set of over 1,000 base stations set up in Hamburg, we find that only immediate proximity to groups of antenna masts is perceived as harmful by residents of nearby condominiums. For individual masts, however, no effect on residential property prices in the surrounding areas has been observed indicating that cell phone service providers should prevent installation of groups of masts in a single location. We control for spatial dependence and show that the influence of cell phone base stations on adjacent residential property prices can be overestimated, if other negative externalities that are typically correlated with the proximity to base stations are neglected.