Due to, for example, disturbing sound and deteriorated scenery, wind turbines might constitute a negative externality. By using a revealed preference method, we examine the impact of onshore wind turbines on property values in Sweden, analysing over 600,000 real estate transactions from 2005 to 2018. We find that wind turbines are built in areas with lower prices in general (as they are built outside population centres), that property values start declining when a building process is started (due to anticipations of negative impacts) and that the price decline continues after the wind turbine has been commissioned (due to the perceived negative effects). Property values within 2 km of wind turbines decrease by approximately 10-15 %, diminishing the effect to zero beyond 6-10 km. There are significant differences in capitalizsation between regions, with higher capitalisation effects in southern Sweden. These findings suggest the need for policies to internalise external costs and compensate affected property owners, contributing to informed planning for sustainable energy development.