Building Costs Per Square Metre in Nigeria – All Types of Dwellings
Building Costs Per Housing Unit in Nigeria – All Types of Dwellings
- Research Methodology
- Cost of Dwellings According to Income Classes
- Cost of Homes for the Poor Class, Middle Class and Upper Class
- Building Costs Per Square Metre for Detached Single-Family Home, Duplex, Bungalow, Flat, Apartment, Maisonette, Mansion, Mini-Flat, Penthouse, Villa, Townhouse and Studio Apartment.
- Cost of Building a Detached Single-Family House, Duplex, Bungalow, Flat, Apartment, Maisonette, Mansion, Mini-Flat, Penthouse, Villa, Townhouse and Studio Apartment.
The National Bureau of Statistics (NBS) in Nigeria compiles statistics on housing, building and construction but they don’t have data on building floor areas and total valuation of plan approvals. Individual states and municipalities might have this data in their respective building departments but it’s either not collected nor measured. In this case, estimates can be obtained from alternative sources in the private sector. Quantity surveyors, architects, major building contractors and property developers are well placed to provide building costs on various types of properties such as residential dwellings and commercial facilities.
This residential building cost survey based on Jiji Properties looks at 12 types of residential dwellings – the cost of building a duplex, bungalow, flats, apartments, single-family house, maisonette, mansion, mini-flat, penthouse, villa, townhouse/terrace house and studio apartment. The survey covers 34 states in Nigeria, but significant samples were taken in the states of Abuja (FCT), Lagos, Ogun, Rivers State, Abia, Akwa Ibom, Anambra, Cross River, Delta, Edo, Ekiti, Enugu, Imo, Kaduna, Kwara, Ondo and Osun. The size of the sample ranges from 91 to 14,002 dwellings.
As you can see on the graph and table, the State of Lagos contributes 53.30% of the national sample size, followed by the State of Abuja (FCT) at 17.11%. In third place is Rivers State at 7.06%, followed by Oyo State at 3.01%. In fifth place is Ogun State at 3.01%, followed by Edo State at 2.31%. In seventh place is Imo State at 1.91%, followed by Enugu State at 1.56%. In ninth place is Delta State at 1.32%, followed by Osun State at 1.17%. In eleventh place is Kwara State at 0.86%, followed by Ondo State at 0.77%. These aforementioned states contributed a minimum sample size of 203 dwellings. The state of Lagos contributed the largest sample at 14,002 dwellings, followed by Abuja (FCT) at 4,495 dwellings. Rivers State contributed a sample size of 1,855 dwellings and Oyo State had 1,614 dwellings. Ogun State contributed 791 dwellings to the statistics, followed by Edo State at 607 dwellings. Imo State had a sample of 501 dwellings and Enugu State contributed 409 dwellings. Statistics from other states can be seen on the charts and tables.
In this research, residential dwellings were classified into 12 categories listed previously, based on architectural building design. In each category, the dwellings were further sub-divided according to the number of bedrooms. This categorization and sub-division helps us to get an idea of the cost along these variables. When other factors are constant, a house with more bedrooms should be more expensive than a house with less bedrooms. This correlation applies to buildings of the same quality class and specifications, thus you should compare houses within the same class or standard. Whenever there are discrepancies in cost within the same quality class, they should be attributed to other factors which influence the total cost, for example the size of the kitchen, living room and bathroom, as well as additional rooms like study, laundry, studio, basement, storeroom, garage etc. The overall gross floor area (GFA) of the house will influence the cost as well, including the location of your house (state, city, suburb). The age of your house will have a bearing on its market price. Older homes are cheaper than new homes due to depreciation and deterioration. Incomplete buildings, those without finishes and abandoned at the shell level (structural frame) are cheaper than complete/finished buildings.
The location of your house is very important since the local municipality divides residential areas according to income zones. High-income suburbs are sparsely populated, have much larger plots and the cost of land is higher than those in low-income locations. Only high value properties can be built in these locations, but the municipality also provides residential zones for the middle-class, upper middle class, upper class and elite class. Depending on your chosen location, you can build a house as long as it meets the minimum valuation and standards required by zoning laws. As an example, homes for the elite class in Nigeria are found in Lekki Phase 1, Ibara, Alalubosa, Jabi, GRA Phase 2 (Portharcourt), Nico Town, Ikeja GRA, Asokoro,Maitama and Banana Island Ikoyi.
As you can see, there is a minimum cost (property valuation) set by the municipality required to build a house in a certain location. This is done to maintain standards and house market values in the neighbourhood. With this requirement aside, you also have to deal with the construction index (changes in the cost of materials and labour). The construction index determines the amount you have to pay for materials and labour in a specific period, and this in turn will determine the overall cost of building a house. The construction index differs by state, city and suburb.
Cost of Dwellings According to Income Classes
In order to understand residential building costs in Nigeria, we have to categorize dwellings according to income classes or groups. Your household income or annual income will determine the maximum value of a house you can afford to buy or build within a specific period based on your loan term and monthly debt. Banks and lending institutions often set the mortgage loan repayment term at 30 and 15 years. This is the amount of time you are required to pay back the full loan plus interest. To find the maximum value of a house you can afford to build or buy, use a home affordability calculator such as this one >> Mint Intuit Mortgage Loan Calculator. Enter your annual income, down payment (equity), expected monthly debt, interest rate and loan term. A longer loan period allows you to have smaller, more manageable monthly instalments spread over a long time, but you will pay more interest in the end. A shorter loan term is suitable for high-income individuals who can afford to pay slightly higher monthly instalments. In this case, the borrower will pay less cumulative interest in the end.
According to a study done by the accounting firm Deloitte & Touche in Nigeria, there are six income groups in Nigeria based on annual income. They are named as follows:
- Poor Class – $600 USD per year
- Lower Class – $1,400 USD per year
- Lower Middle Class – $14,000 USD per year
- Upper Middle Class – $50,000 USD per year
- Lower Upper Class – $90,000 USD per year
- Upper Class – $140,000 USD per year
We can find the maximum value of a house that is affordable to each of these groups using the house affordability calculator. Ideal conditions will be assumed such as zero monthly debt and the values will be based on a 30-year loan term which is affordable to many people. The Federal Mortgage Bank of Nigeria provides individuals with loans up to 30 years, through the National Housing Fund (NHF). Standard Bank Nigeria has a N250 million borrowing limit, 15% interest rate, 20% minimum down payment and maximum mortgage loan term of 20 years which can be increased based on certain conditions. Union Bank Nigeria offers a N100 million to N150 million borrowing limit, 20% minimum equity, mortgage loan period of up to 15 years at 16% to 19% interest cost per year if you are between 21 to 65 years, and earning at least N250,000 a month. The United Bank for Africa (UBA) has various types of loans for prospective home owners and developers. Among the options available for individuals are loans for newly-built homes, buying land, home construction, renovations and mortgage refinancing. UBA loans have a maximum tenure of 20 years at variable interest rates. FirstBank Nigeria offers home construction and purchase loans including refinancing, minimum down payment of 30% or less, and clients mortgage loans up to N50 million with a loan term of 20 years. Access Bank PLC has mortgage and construction loans tailored for individuals and commercial clients. The basic plan offers individuals up to N50 million to finance their home purchase. The corporate plan allows individuals and corporations to borrow up to N500 million and N5 billion respectively for their real estate acquisitions. A minimum down payment of 20% is required .The loan should be paid within 30 years at an interest rate of 15% to 17% per year. The Nigeria Mortgage Refinance Company (NMRC) provides mortgage loan facilities with a tenure of 20 years. The Infinity Trust Mortgage Bank PLC (ITMB) gives clients access to the popular NHF loan, ranging from N1 million to N15 million with a 6% interest rate and repayment period of up to 30 years. The bank also provides its own mortgage loan scheme with a maximum repayment period of 20 years. There are many other banks where you can get loans but and it seems 20 years is the most common loan term in the private sector.
The following is the maximum cost of a house you can afford to build or buy based on your annual income in Nigeria. A 15-year loan term at 15% APR, 20% minimum down payment and zero monthly debt will be assumed:
Low-Cost Housing for the Poor Class:
The poor class, those earning an average salary of $600 USD per annum can afford to buy or build a house at a maximum cost of N572,437 Nairas. According to the NBS Report released in 2019, 40% of Nigerians live below the poverty datum line, which translates to 83 million people. This group earns less than or equal to $381.75 USD per annum. So what does a low-cost house for the poor class look like? The JIJI Cost Survey includes all outliers. The cheapest houses are N350,000 and N650,000 respectively, within the affordable range for this group. It’s very rare to find a decent dwelling at this price. In most cases the dwelling is very old, dilapidated, unfinished or located in the informal settlements (slums) and rural areas.
Low-Cost Housing for the Lower Class:
The lower class are those earning an average salary of $1,400 USD per annum. This group can afford to buy or build a house at a maximum cost of N1,335,824 Nairas. On the JIJI Cost Survey, a house closer to this amount is N1,500,000 Nairas. With a little bit more savings (an additional N164,176), one can purchase a minimum-standard 1 or 2 bedroom house, bungalow or mini-flat in the low-income locations, informal settlements and rural areas.
Affordable Housing for the Lower Middle Class:
The lower middle class are those earning an average salary of $14,000 USD per annum. This group can afford to buy a newly-built home at a maximum price of N13,359,900 Nairas. The lower middle class holds a professional job. A study done by Renaissance Capital LLC in Nigeria (2011), shows that 76% of the middle class, those earning at least $6,000 USD per annum were civil servants, working for government institutions and parastatals. The remainder were entrepreneurs and businessmen. About 68% of them were either leasing or renting a residential property. 18% were in the process of acquiring their own newly-built apartment. The Nigerian middle class are financially disciplined and budget-conscious, with more disposable income which allows them to pay deposits without borrowing from the bank or taking mortgage loans. Financial resources and savings are committed towards acquiring private residential property and this group will steer clear of credit cards or accumulating debts.
The JIJI Cost Survey shows this type of client has many options to choose from due to his or her buying power. With this salary range, you can afford to build or buy a 6 bedroom duplex house starting at N7,000,000 Nairas, a 6-bedroom house starting at N8,000,000, a 6-bedroom bungalow starting at N5,000,000 Nairas, a 4-bedroom flat starting at N10,000,000 Nairas, a 4-bedroom apartment starting at N7,000,000 Nairas, a good-standard 3-bedroom mini-flat starting at N10,000,000 Nairas, a good-standard studio apartment starting at N12,000,000 Nairas, a 2-bedroom maisonette starting at N12,500,000 Nairas and average-standard 1 or 2-bedroom townhouse starting at N12,500,000 Nairas.
Homes for the Upper Middle Class:
The upper middle class are those earning an average salary of $50,000 USD per annum. This group can afford to build a new house at a maximum cost of N47,713,988.73 Nairas. Research done by ADB (Africa Development Bank) shows that 23% of the Nigerian population is middle class. This group is highly educated, promoted and working a high-paying job in middle management and supervisory roles. Security, privacy, luxury living and education are amongst their top priorities and values. More disposable income among this group means they have high buying power which is estimated to exceed $28 billion in total. These are Nigerians who love shopping overseas, travelling the globe in places like London, Paris, New York, Toronto and Dubai.
The JIJI Cost Survey shows the upper middle class can afford a lot more comfort and convenience than lower tiers. This type of client can afford to buy or build a 6-bedroom duplex starting at N7 million nairas, a 6-bedroom house starting at N8 million nairas, a 2 bedroom studio apartment starting at N14 million nairas, a 6-bedroom flat starting at N15 million nairas, a 6-bedroom apartment starting at N35 million nairas, a 5-bedroom apartment starting at N35 million nairas, a villa starting at N40 million nairas, a 4-bedroom maisonette starting at N40 million nairas and a 5-bedroom penthouse starting at N42 million nairas.
Homes for the Lower Upper Class:
The lower upper class are those earning an average salary of $90,000 USD per annum. This class can afford to build luxury homes at a maximum cost of N85,885,013.67 Nairas. Members of the lower upper class are rich and wealthy, they are usually in top management positions (CEOs, Directors etc.) and those in middle management roles (Senior Managers, Branch Managers, Departmental Managers, Principals etc.). This group would love to stay in exclusive suburbs with large private plots and prestigious dwellings. The JIJI Cost Survey shows that this group is well placed to buy a big luxury home in the high-end market. This client can afford a 5 or 6-bedroom mansion starting at N75 million, an 8-bedroom villa starting at N65 million, a 5-bedroom maisonette starting at N55 million, a 5-bedroom penthouse starting at N42 million, and a 5-bedroom townhouse starting at N35 million.
Homes for the Upper Class:
The upper class are those earning an average salary of $140,000 USD per annum. This top class can afford to build an exceptional lifestyle home at a maximum cost of N133,599,002.40 Nairas. This is the wealthiest group in Nigeria. The Deloitte & Touche Survey (2011) shows that there were 3.3 million Nigerians in the upper-class, which is 1.95% of the population. Many of them are business tycoons and moguls, including wealthy well-connected politicians and former ruling elites. The upper class live an ultra-luxurious lifestyle characterized by extravagance. They live in mansions and villas with extremely large plots. This client can afford to build a 7 to 10-bedroom mansion starting at N100 million, 6-bedroom townhouse at N130 million, 10-bedroom villa starting at N65 million, 10-bedroom maisonette starting at N57 million and 5-bedroom penthouse starting at N42 million.
Building Costs Per Square Metre in Nigeria – All Types of Residential Dwellings
The following are the square-metre costs of building a single-family house, duplex, bungalow, flat, apartment, mansion, townhouse, villa, maisonette, mini-flat, penthouse and studio apartment in Nigeria. The cost range is not separated into quality classes, therefore the minimum cost represents low-end dwellings and the maximum represents high-end dwellings. Minimum costs exhibit a common trend in the construction industry whereby the square-metre cost decreases with an increase in the gross floor area (GFA) of the dwelling. Larger dwellings have high contract sums which provide sufficient allowance for net profits, whereas smaller dwellings have low contract sums which are not sufficient for profit margins, so a higher construction square-metre cost is charged for smaller dwellings to cover the contractor’s costs and profit margin. Where the building rates don’t follow this trend, it means high-end architectural specifications and materials were used.
The cost of building a duplex house ranges from ₦25,180 to 2,184,44 per m².
The cost of building a detached single-family home ranges from ₦17,568 to ₦3,559,871 per m².
The cost of building a bungalow ranges from ₦16,923 to ₦746,888 per m².
The cost of building a flat ranges from ₦40,900 to ₦272,857 per m².
The cost of building an apartment ranges from ₦39,773 to ₦1,621,429 per m².
The cost of building a mansion ranges from ₦202,703 to ₦5,663,430 per m².
The cost of building a townhouse ranges from ₦125,899 to ₦1,571,429 per m².
The cost of building a villa ranges from ₦74,766 to ₦12,142,857 per m².
The cost of building a maisonette ranges from ₦97,938 to ₦2,595,530 per m².
The cost of building a mini-flat ranges from ₦50,050 to ₦1,008,969 per m².
The cost of building a penthouse ranges from ₦151,079 to ₦3,734,440 per m².
The cost of building a studio apartment ranges from ₦189,189 to ₦775,785 per m².
1 Bedroom Duplex ₦67,568 to ₦815,217 per m2
2 Bedroom Duplex ₦47,297 to ₦621,429 per m2
3 Bedroom Duplex ₦36,364 to ₦461,042 per m2
4 Bedroom Duplex ₦25,568 to ₦310,453 per m2
5 Bedroom Duplex ₦25,180 to ₦1,104,799 per m2
6 Bedroom Duplex ₦46,154 to ₦2,184,466 per m2
2 Bedroom House ₦20,270 to ₦714,286 per m2
3 Bedroom House ₦25,455 to ₦1,659,751 per m2
4 Bedroom House ₦25,568 to ₦1,233,184 per m2
5 Bedroom House ₦17,986 to ₦3,219,697 per m2
6 Bedroom House ₦24,615 to ₦3,559,871 per m2
1 Bedroom Bungalow ₦40,541 to ₦108,696 per m2
2 Bedroom Bungalow ₦20,270 to ₦160,714 per m2
3 Bedroom Bungalow ₦22,727 to ₦746,888 per m2
4 Bedroom Bungalow ₦24,432 to ₦403,587 per m2
5 Bedroom Bungalow ₦17,986 to ₦568,182 per m2
6 Bedroom Bungalow ₦16,923 to ₦728,155 per m2
1 Bedroom Flat ₦108,108 to ₦193,478 per m2
2 Bedroom Flat ₦54,054 to ₦273,857 per m2
3 Bedroom Flat ₦40,909 to ₦174,274 per m2
4 Bedroom Flat ₦56,818 to ₦210,202 per m2
5 Bedroom Flat ₦53,957 to ₦236,742 per m2
6 Bedroom Flat ₦46,154 to ₦265,534 per m2
1 Bedroom Apartment ₦43,243 to ₦815,217 per m2
2 Bedroom Apartment ₦67,568 to ₦1,621,429 per m2
3 Bedroom Apartment ₦54,545 to ₦1,002,766 per m2
4 Bedroom Apartment ₦39,773 to ₦870,493 per m2
5 Bedroom Apartment ₦125,899 to ₦1,041,667 per m2
6 Bedroom Apartment ₦107,692 to ₦1,213,592 per m2
1 Bedroom Mansion N/A ₦1,630,435 per m2
2 Bedroom Mansion ₦202,703 to ₦1,142,857 per m2
3 Bedroom Mansion ₦681,818 to ₦663,900 per m2
4 Bedroom Mansion ₦426,136 to ₦1,121,076 per m2
5 Bedroom Mansion ₦575,540 to ₦4,734,848 per m2
6 Bedroom Mansion ₦984,615 to ₦5,663,430 per m2
1 Bedroom Townhouse ₦337,838 to ₦923,913 per m2
2 Bedroom Townhouse ₦283,784 to ₦1,571,429 per m2
3 Bedroom Townhouse ₦227,273 to ₦1,224,066 per m2
4 Bedroom Townhouse ₦159,091 to ₦831,953 per m2
5 Bedroom Townhouse ₦125,899 to ₦871,212 per m2
6 Bedroom Townhouse ₦400,000 to ₦889,968 per m2
8 Bedroom Villa ₦112,150 to ₦2,173,913 per m2
10 Bedroom Villa ₦111,684 to ₦12,142,857 per m2
2 Bedroom Maisonette ₦168,919 to ₦1,250,000 per m2
3 Bedroom Maisonette ₦227,273 to ₦1,120,332 per m2
4 Bedroom Maisonette ₦227,273 to ₦717,489 per m2
5 Bedroom Maisonette ₦179,856 to ₦1,325,758 per m2
6 Bedroom Maisonette ₦169,231 to ₦1,213,592 per m2
7 Bedroom Maisonette ₦119,914 to ₦1,214,575 per m2
8 Bedroom Maisonette ₦105,607 to ₦1,474,926 per m2
9 Bedroom Maisonette ₦97,938 to ₦2,595,530 per m2
1 Bedroom Mini Flat ₦59,459 to ₦815,217 per m2
2 Bedroom Mini Flat ₦54,054 to ₦642,857 per m2
3 Bedroom Mini Flat ₦90,909 to ₦663,900 per m2
4 Bedroom Mini Flat ₦90,909 to ₦1,008,969 per m2
2 Bedroom Penthouse ₦256,757 to ₦1,214,286 per m2
3 Bedroom Penthouse ₦272,727 to ₦3,734,440 per m2
4 Bedroom Penthouse ₦227,273 to ₦2,017,937 per m2
5 Bedroom Penthouse ₦151,079 to ₦1,893,939 per m2
1 Bedroom Studio Apartment ₦189,189 to ₦358,696 per m2
2 Bedroom Studio Apartment ₦189,189 to ₦509,802 per m2
Building Costs Per Unit in Nigeria – JIJI Properties Survey 2022
The following are the minimum and maximum cost ranges for building a residential property in Nigeria (Given in Nairas):
Cost of Building a Duplex House
A duplex is a set of two similar dwellings sharing a common wall or divided by a structure such as a staircase, hallway or lobby. Duplex houses are either attached or semi-detached. They can be built in a row of more than one adjacent sets.
All Duplex Houses – ₦2,500,000 to ₦1,350,000,000
- 1 Bedroom Duplex ₦2,500,000 ₦75,000,000 per unit
- 2 Bedroom Duplex ₦3,500,000 ₦87,000,000 per unit
- 3 Bedroom Duplex ₦4,000,000 ₦111,111,111 per unit
- 4 Bedroom Duplex ₦4,500,000 ₦138,462,000 per unit
- 5 Bedroom Duplex ₦7,000,000 ₦583,334,000 per unit
- 6 Bedroom Duplex ₦15,000,000 ₦1,350,000,000 per unit
Cost of Building a Detached Single-Family Home
A detached single family home is freestanding, built on its own private property which can be fenced.
All Detached Single-Family Houses – ₦650,000 to ₦2,200,000,000
- 1 Bedroom House N/A N/A
- 2 Bedroom House ₦1,500,000 ₦100,000,000
- 3 Bedroom House ₦2,800,000 ₦400,000,000
- 4 Bedroom House ₦4,500,000 ₦550,000,000
- 5 Bedroom House ₦5,000,000 ₦1,700,000,000
- 6 Bedroom House ₦8,000,000 ₦2,200,000,000
Cost of Building a Bungalow
A bungalow is a single-storey house with extremely wide perimeter eaves and hipped roof on which a gabled mini-storey is projecting from the slope. This type of house has a full-length verandah on the front, side and back elevations. In Nigeria, a bungalow is a single-storey house or block of flats with a flat-roof and perimeter eaves.
All Bungalows – ₦1,500,000 to ₦450,000,000
- 1 Bedroom Bungalow ₦1,500,000 ₦10,000,000
- 2 Bedroom Bungalow ₦1,500,000 ₦22,500,000
- 3 Bedroom Bungalow ₦2,500,000 ₦180,000,000
- 4 Bedroom Bungalow ₦4,300,000 ₦180,000,000
- 5 Bedroom Bungalow ₦5,000,000 ₦300,000,000
- 6 Bedroom Bungalow ₦5,500,000 ₦450,000,000
Cost of Building a Flat
In Nigeria, a flat is a single-storey block with multiple individual housing units or rooms.
All Flats – ₦4,000,000 to ₦164,100,000
1 Bedroom Flat ₦4,000,000 ₦17,800,000 per unit
2 Bedroom Flat ₦4,000,000 ₦38,340,000 per unit
3 Bedroom Flat ₦4,500,000 ₦42,000,000 per unit
4 Bedroom Flat ₦10,000,000 ₦93,750,000 per unit
5 Bedroom Flat ₦15,000,000 ₦125,000,000 per unit
6 Bedroom Flat ₦15,000,000 ₦164,100,000 per unit
Cost of Building an Apartment
In Nigeria, an apartment is a multi-storey block or high-rise building with individual housing units.
All Apartments – ₦1,600,000 to ₦750,000,000
1 Bedroom Apartment ₦1,600,000 ₦75,000,000 per unit
2 Bedroom Apartment ₦5,000,000 ₦227,000,000 per unit
3 Bedroom Apartment ₦6,000,000 ₦241,666,667 per unit
4 Bedroom Apartment ₦7,000,000 ₦388,240,000 per unit
5 Bedroom Apartment ₦35,000,000 ₦550,000,000 per unit
6 Bedroom Apartment ₦35,000,000 ₦750,000,000 per unit
Cost of Building a Townhouse
A townhouse is a row house or terraced house sharing adjoining walls with other units. In other words these are attached houses built in a row. They are also known as a multiplex. A townhouse is often designed in a manner in which the front and backyard are private property owned by the occupant.
All Townhouses – ₦12,500,000 to ₦750,000,000
1 Bedroom Townhouse ₦12,500,000 ₦85,000,000 per unit
2 Bedroom Townhouse ₦21,000,000 ₦220,000,000 per unit
3 Bedroom Townhouse ₦25,000,000 ₦295,000,000 per unit
4 Bedroom Townhouse ₦28,000,000 ₦371,051,180 per unit
5 Bedroom Townhouse ₦35,000,000 ₦460,000,000 per unit
6 Bedroom Townhouse ₦130,000,000 ₦550,000,000 per unit
Cost of Building a Mansion
A mansion is a large high-end luxury house with multiple specialized rooms afforded by the rich and wealthy. It’s often located in affluent low-density areas with large plots. The design is highly customized, unique and exclusive, entailing high quality materials and specifications.
All Mansions – ₦15,000,000 to ₦3,500,000,000
2 Bedroom Mansion ₦15,000,000 ₦160,000,000 per unit
3 Bedroom Mansion ₦75,000,000 ₦160,000,000 per unit
4 Bedroom Mansion ₦75,000,000 ₦500,000,000 per unit
5 Bedroom Mansion ₦160,000,000 ₦2,500,000,000 per unit
6 Bedroom Mansion ₦320,000,000 ₦3,500,000,000 per unit
Cost of Building a Villa
A villa is a residential compound modelled around the ancient Roman villa with a central courtyard surrounded by dwellings. Set in the countryside, Roman villas were owned by the elites, upper class and wealthy. Modern villas are owned by tycoons (millionaires and billionaires). They are also commonly used as luxury vacation resorts, but can also be converted into residential multi-dwelling units (MDU blocks).
All Villas – ₦60,000,000 to ₦1,700,000,000
8 Bedroom Villa ₦60,000,000 ₦200,000,000 per unit
10 Bedroom Villa ₦65,000,000 ₦1,700,000,000 per unit
Cost of Building a Maisonette
A maisonette is a type of flat or apartment unit with its own private entrance from the front yard or street. Maisonettes cannot be higher than two storeys to allow for a shorter staircase and climbing ease. The upper floor units make use of a direct staircase access which leads to the front yard.
All Maisonettes – ₦12,500,000 to ₦3,600,000,000
2 Bedroom Maisonette ₦12,500,000 ₦175,000,000 per unit
3 Bedroom Maisonette ₦25,000,000 ₦270,000,000 per unit
4 Bedroom Maisonette ₦40,000,000 ₦320,000,000 per unit
5 Bedroom Maisonette ₦50,000,000 ₦700,000,000 per unit
6 Bedroom Maisonette ₦55,000,000 ₦750,000,000 per unit
7 Bedroom Maisonette ₦56,000,000 ₦1,200,000,000 per unit
8 Bedroom Maisonette ₦56,500,000 ₦1,500,000,000 per unit
9 Bedroom Maisonette ₦57,000,000 ₦3,600,000,000 per unit
Cost of Building a Mini Flat
In Nigeria, mini-flats are the cheapest flats because of their compact architectural design. Although the term mini-flat refers to a small one-bedroom flat with an open-lounge and kitchen, there are mini-flats with 2 or more bedrooms.
All Mini Flats – ₦2,200,000 to ₦450,000,000
1 Bedroom Mini Flat ₦2,200,000 ₦75,000,000 per unit
2 Bedroom Mini Flat ₦4,000,000 ₦90,000,000 per unit
3 Bedroom Mini Flat ₦10,000,000 ₦160,000,000 per unit
4 Bedroom Mini Flat ₦16,000,000 ₦450,000,000 per unit
Cost of Building a Penthouse
A penthouse is a living unit occupying the whole top floor of a tower or multi-storey building. Penthouses are usually expensive because of their prime location, large space, security, private terraces and extra-wide balconies offering beautiful panoramic views of the landscape below.
All Penthouses – ₦19,000,000 to ₦1,000,000,000
2 Bedroom Penthouse ₦19,000,000 ₦170,000,000 per unit
3 Bedroom Penthouse ₦30,000,000 ₦900,000,000 per unit
4 Bedroom Penthouse ₦40,000,000 ₦900,000,000 per unit
5 Bedroom Penthouse ₦42,000,000 ₦1,000,000,000 per unit
Cost of Building a Studio Apartment
A studio apartment is a high-end bachelor apartment or self-contained room usually made for students and single individuals.
All Studio Apartments – ₦7,000,000 to ₦71,372,222
1 Bedroom Studio Apartment ₦7,000,000 ₦33,000,000 per unit
2 Bedroom Studio Apartment ₦14,000,000 ₦71,372,222 per unit
How the Graphs were Derived – Cost Survey
Adjusted graphs and tables:
Adjust the minimum:
– Remove extreme outliers which deviate far from the average and common range.
– Arrange the common range in ascending order.
Adjust the maximum:
– Arrange the common range in ascending order.
– Sort the values in ascending order while maintaining the bedroom number order.
Two sets of data on the same graph:
Two graphs will be plotted – The Adjusted Graph and the Unadjusted (Raw Data) Graph. They will be plotted on the same axis to expose/highlight the outliers and discrepancies in the sample.
– Try to draw a minimum/maximum graph on the same axis
– Find line of best fit between two lines
– Each of the two curves (minimum and maximum) can have its own line of best fit to iron out discrepancies.
– Alternatively, find the line of best fit between two lines (average line) and then drag the maximum and minimum lines towards the average line.
Extreme outliers and discrepancies in cost are caused by inconsistencies in the quality of houses sampled. This means the cost survey is a random sample that does not distinguish between high and low quality houses.
The adjusted graph/table is an attempt to iron out the discrepancies.
Note that both the Adjusted and Unadjusted graphs are important as they give us answers to questions we might have. As an example, one may ask why a 1 bedroom duplex is more expensive than a 2 or 3 bedroom duplex. The answer lies in material specifications or quality class. In this case, a luxury one-bedroom duplex in an affluent location would be more expensive than an average-standard 2 or 3 bedroom house in a low-income location.
Whereas the unadjusted graph will show a lot of discrepancies due to a random mix of properties in the sample, the adjusted graph sorts properties according to quality classes, thus it displays an ascending curve across bedroom number variables.