Chasomeris, Mihalis.Bax, Dane.2023-07-252023-07-2520162016https://researchspace.ukzn.ac.za/handle/10413/22004Master’s Degree. University of KwaZulu-Natal, Durban.Abstract The aim of this study was to derive a hedonic price function for flats within KwaZulu-Natal coastal sub-markets, filling a gap in residential hedonic price studies in South Africa. This study set out to develop a model to estimate listing prices of flats located in sub-markets along the KwaZulu-Natal coast. Identifying the appropriate distribution of listing prices and a set of statistically significant structural and locational attributes was paramount in achieving the research objectives. This was accomplished through a set of research hypotheses that were formulated and tested through rigorous statistical techniques. A generalised linear model based on the gamma distribution and log-link function was developed as a novel alternative to derive a hedonic price function for a segment of the residential property market in KwaZulu-Natal. The generalised linear model based on the gamma distribution and log-link function proved to be a more effective model for this research problem than the traditional ordinary least squares modelling approach. Based on the findings, a software application was developed to disseminate the results of the generalised linear model for potential commercial use by real estate businesses, bridging the gap between academia and business.enResidential property.Ordinary least squares.Hedonic pricing.Thesis