Berlin-Brandenburg airport has been built for several years and will take over all flights from the existing airports in Berlin. Four weeks before the expected opening of the airport, the opening was suddenly delayed by several months. This unexpected delay was an exogenous shock for residents surrounding the existing airport, Berlin-Tegel, which is expected to close upon the opening of Berlin-Brandenburg. We analyze the effect of airport noise and proximity to the airport on housing prices. Our identification strategy is based on the expectations regarding the closing of Berlin-Tegel airport. The results suggest that there is a negative effect of noise on housing prices while there are positive effects of proximity to Berlin-Tegel.