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Cost of building a house in Ikoyi, Lagos (2026)

Construction costs for Ikoyi using current material prices (cement ₦12,800/bag, iron rods ₦800,000/tonne) and local labour rates.

5-bedroom duplex + BQ, standard finish
₦118,735,352
280 m² · ₦424,055/m² · includes fence, gate & contingency
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Building costs in Ikoyi by house type

House typeBasicStandardLuxury
3-bedroom bungalow₦46.3M₦59.3M₦97.3M
4-bedroom bungalow + BQ₦71.2M₦86.3M₦137.2M
4-bedroom duplex + BQ₦89.4M₦108.5M₦168.3M
5-bedroom duplex + BQ₦97.3M₦118.7M₦184.5M
6-bedroom duplex + BQ₦105.1M₦128.9M₦200.6M
block of 6 two-bedroom flats₦154.6M₦215.7M₦389.5M

Where the money goes (5-bedroom duplex + BQ)

ElementShareCost
Foundation7.6%₦9,059,766
Structure22.7%₦26,897,389
Finishes25.7%₦30,524,872
Services11.5%₦13,690,080
External Works21.2%₦25,123,546
Prelims & Contingency11.3%₦13,439,699
Total100%₦118,735,352

Property market in Ikoyi

New-build sale price₦5,750,000 / m²
Gross rental yield3.8%
Typical capital growth6% / year
DemandMedium
Average time to sell9 months
Typical land price₦4,000,000 / m² (≈ ₦2.59B per plot)
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Frequently asked questions

How much does it cost to build a 5-bedroom duplex in Ikoyi?

About ₦118.7M for a standard-finish 5-bedroom duplex with BQ (280 m²), including fence, gate and contingency.

How much does a 3-bedroom bungalow cost to build in Ikoyi?

About ₦59.3M with standard finishing.

What is the building cost per square metre in Ikoyi?

Around ₦424,055 per m² for a standard 5-bedroom duplex.

What do new houses sell for in Ikoyi?

About ₦5,750,000 per m², with gross rental yields around 3.8%.

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Read more: cost of building a house in Lagos · 5-bedroom duplex costs across Nigeria

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