Cost of building a block of 6 two-bedroom flats in Ikoyi (2026)
Estimated for Ikoyi, Lagos (612 m² floor area) using current material prices and local labour rates.
Cost breakdown
| Element | Share | Cost |
|---|---|---|
| Foundation | 5.9% | ₦12,783,655 |
| Structure | 25.7% | ₦55,544,229 |
| Finishes | 37.8% | ₦81,631,357 |
| Services | 15.2% | ₦32,786,375 |
| External Works | 4.0% | ₦8,632,955 |
| Prelims & Contingency | 11.3% | ₦24,357,600 |
| Total | 100% | ₦215,736,171 |
Materials you'll need
| Material | Approx. quantity | Cost at today's prices |
|---|---|---|
| Cement (50kg bags) | 1,967 bags | ₦25,173,248 |
| Sandcrete blocks (6" & 9") | 12,870 blocks | ₦11,583,432 |
| Iron rods | 12.8 tonnes | ₦10,248,000 |
| Sharp sand | 358 tonnes | ₦4,653,220 |
| Granite | 232 tonnes | ₦4,637,600 |
Construction timeline (14 months)
| Phase | Months | Cost |
|---|---|---|
| Site preparation | 1–1 | ₦3.7M |
| Foundation | 1–3 | ₦12.8M |
| Structure | 3–7 | ₦47.8M |
| Roofing | 7–9 | ₦7.7M |
| Services 1st fix | 8–9 | ₦14.8M |
| Plastering & screeding | 9–11 | ₦16.3M |
| Interior finishes | 10–13 | ₦65.3M |
| Services 2nd fix | 13–14 | ₦18.0M |
| External works | 12–14 | ₦8.6M |
| Snagging & handover | 14–14 | ₦20.6M |
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Lekki₦206.6M standardVictoria Island₦216.0M standardAjah₦200.7M standardIbeju-Lekki₦197.3M standardEpe₦192.4M standardIkeja₦199.1M standard
Frequently asked questions
How much does it cost to build a block of 6 two-bedroom flats in Ikoyi?
About ₦215.7M with standard finishing, ₦154.6M basic and ₦389.5M luxury (2026 prices).
How long does it take to build a block of 6 two-bedroom flats?
About 14 months with steady funding.
How many bags of cement does a block of 6 two-bedroom flats need?
Roughly 1,967 bags of 50kg cement.
Read more: Block of 6 two-bedroom flats costs across Nigeria · 12 ways to reduce building cost
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