The work aims at showing the importance of flutter predictions in the preliminary design of Propfan-Open Rotors. Both single rotating propellers and contra rotating open rotors are investigated. The related structural sub-systems are modelled through finite element analyses, the aerodynamic sub-systems exploit a finite volume full potential formulation suitable for unsteady transonic flows. An ad hoc technique is developed for simulating the flow field around a contra rotating open rotor configuration. The effectiveness of the proposed aeroelastic analysis is successfully assessed for single propellers through comparisons with reference numerical and experimental data available in the literature, as well as against Euler flow based solutions. Results for contra rotating open rotors cannot be validated because of the lack of corresponding open literature data.