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Cost of building a house in Victoria Island, Lagos (2026)

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

5-bedroom duplex + BQ, standard finish
₦118,930,992
280 m² · ₦424,754/m² · includes fence, gate & contingency
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Building costs in Victoria Island by house type

House typeBasicStandardLuxury
3-bedroom bungalow₦46.4M₦59.4M₦97.5M
4-bedroom bungalow + BQ₦71.3M₦86.4M₦137.4M
4-bedroom duplex + BQ₦89.5M₦108.6M₦168.6M
5-bedroom duplex + BQ₦97.5M₦118.9M₦184.8M
6-bedroom duplex + BQ₦105.3M₦129.1M₦200.9M
block of 6 two-bedroom flats₦154.8M₦216.0M₦390.1M

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

ElementShareCost
Foundation7.6%₦9,059,766
Structure22.6%₦26,897,389
Finishes25.7%₦30,524,872
Services11.5%₦13,690,080
External Works21.1%₦25,145,928
Prelims & Contingency11.4%₦13,612,957
Total100%₦118,930,992

Property market in Victoria Island

New-build sale price₦2,880,000 / m²
Gross rental yield4.9%
Typical capital growth6% / year
DemandMedium
Average time to sell9 months
Typical land price₦2,100,000 / m² (≈ ₦1.36B per plot)
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Frequently asked questions

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

About ₦118.9M 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 Victoria Island?

About ₦59.4M with standard finishing.

What is the building cost per square metre in Victoria Island?

Around ₦424,754 per m² for a standard 5-bedroom duplex.

What do new houses sell for in Victoria Island?

About ₦2,880,000 per m², with gross rental yields around 4.9%.

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

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