There is evidence that one of the urban impacts caused by the implementation of a massive transportation system is a change in land values. This research attempts to reveal the perception of homeowners about the likely variations in the value of their properties, considering the implementation of a tramway system in the city of Cuenca-Ecuador. A household survey was conducted and data were processed using both descriptive and inferential statistical methods. The findings reveal that most homeowners in the study area consider that the sale price of their properties will not change; in cases where an increase was in fact speculated, it was inferred that the percentage of the rise is not related to the distance to the tramway.