Cost of Building Family Home Goes Up by N9m in 2021
Based on a survey we commissioned, the cost of building an average family home went up by about N9m in 2021.
Some construction materials like Cement, Coarse Aggregates ( Granite Chippings, Sharp
Sand) Electrical/Plumbing materials, Reinforcement bars, Finishing materials, Airconditioning unit etc has
increased in prices between January 2021 and October 2021 due to a sharp increase in exchange rates and
other inflationary factors.
These are examples of some Building Element prices in January 2021 and the amount it cost in October 2021 and their price differences.
Substructure in January was N3,700,020.00 the price jumped to N4,435,000.00 in October. The price difference was N734,980.00.
1. Frames and Upper floors cost N5,922,000.00 in January, by October the price has moved up to N6,495,000.00. The price difference was N573,000.00.
2. Staircase in January cost N2,227,500.00 but it increased to N2,737,000.00 in October. The price difference of N509,500.00.
3. Roof and Roof Covering in January cost N6,422,205.00 but in October the price has jumped to N7,453,990.00. A price difference of N1,031,785.00.
4. External & Internal Walls cost N3,123,330.00 in January but by October the price has moved up to N3,710,900.00. The price difference was N587,570.00.
5. Windows cost was N4,479,000.00 in january, in October, the price has increased to N5,118,500.00. A price difference of N639,500.00.
6. Doors cost N2,877,000.00 in January, by October the price was N3,544,600.00. A price difference of N667,600.00
Click the link to read the Report: Cost information of 4-bedroom JAN 2021 – Oct 2021
