The intervention on the real estate market through a restricted use area (RUA) surrounding an airport changes the situation of the parties to the conflict and determines the manner of resolving the dispute, which is caused by noise externalities. The state, as a third party to the contract, influences the level of transaction costs on the real estate market. The aim of the publication is to present and compare the concepts of compensating loss relating to residential real estate located within RUAs surrounding airports according to the market value and fair value, as well as to present the methodology and esti-mates of social costs related to this kind of intervention. The methodological perspective is an effective-ness (market) based justifi cation of the intervention derived from R. Coase’s views, which are subject to critical assessment. Legal and economic deliberations are presented on the basis of studies, conducted in 2016-2018 for 5 largest Polish airports (according to the number of passengers), regarding the assess-ment of loss compensation in RUAs in the case of residential, single-family houses. The results of empir-ical research and the case study concern one airport, namely Poznań – Ławica. Theoretical considerations focus on comparing and searching for a legal, economic, and social justifi cation of utilizing two bases of valuation, namely: market value and fair value. The methodology of research has been arranged with the use of R.A. Posner’s approach. The discussion is divided into two parts: an analysis of the regulating element (the legal system) and the changes of the real estate market conditions from the point of view of price and cost levels after the implementation of a RUA.