In this paper, a methodology for the estimation of masonry elasticity and shear moduli is presented, for linear elasticity considerations. The methodology is based on the assumption that for a "periodic" masonry wall, which is formed by the repetition of a basic unit containing blocks and mortar, the mechanical characteristics of the unit are representative of the characteristics of the entire wall. For their calculation, the finite element analysis method is used. A micro-model with finite elements simulating separately the blocks and the mortar is developed. An equivalent finite element model, using an homogenous material is also developed and assuming equivalence of strains for the two models, the homogenous material properties are estimated. The efficiency of the method and its applicability limits are investigated.