When I first asked myself whether 10 million to 15 million naira could build a house in Lagos, I was both excited and skeptical. Lagos is Nigeria’s commercial hub, a bustling metropolis known for its fast-paced lifestyle and soaring real estate prices.
Yet, with some research and a deeper dive into the city’s property market, I realized that, yes, it’s possible to build a house within that budget—but there are factors to consider.
So, if you’re asking the same question, keep reading as I walk you through the different angles on whether 10M to 15M can really make your dream home a reality in Lagos. From land prices to construction costs and property types, I’ll break it all down.
1. Understanding the Costs Involved
The first thing I had to get my head around was the sheer scale of costs involved in building a house in Lagos. To answer your question: It’s not as simple as just buying a plot of land and starting construction. There are several layers of expenses you need to account for:
Land Costs
In Lagos, the cost of land is largely determined by location. Land prices in areas like Victoria Island, Lekki, and Ikoyi can be extraordinarily high. But in places like Badagry, Alimosho, and some parts of Ajah, you may find that land prices are much more affordable.
As of 2025, the cost of land in high-demand areas (such as Lekki and Victoria Island) can range anywhere from ₦50 million to ₦150 million or even more for a small plot. However, if you focus on outer Lagos, you could find land for as little as ₦2 million to ₦10 million for plots in less central areas.
Construction Costs
Building a house in Lagos requires careful planning. Construction costs will vary depending on your choice of materials, the design of the house, and the quality of labor. On average, construction costs in Lagos range from ₦35,000 to ₦60,000 per square meter for a basic building, but this can increase substantially for high-end finishes.
2. Can 10M to 15M Build a House?
Now, let’s get to the heart of the matter. With a budget of ₦10 million to ₦15 million, is it feasible to build a house in Lagos? The answer depends on several key factors:
- Location: In more affordable areas of Lagos, such as parts of Ajah, Alimosho, or Ikorodu, this budget could potentially get you a decent-sized plot of land and start the construction of a modest home. A 2 or 3-bedroom house in these areas could be within reach, especially if you are willing to choose cost-effective materials and simpler finishes.
- Land Cost vs Construction: In areas where land is cheaper, you’ll likely spend a significant chunk of your budget on purchasing the plot. For example, in Ajah or parts of Epe, you might be able to purchase a plot of land for around ₦3 million to ₦5 million, leaving you with ₦5 million to ₦10 million to start building. This can cover the cost of building a simple structure (a bungalow or a two-bedroom house).
- Building Style: If you’re open to building a more compact or modest home, it’s possible to make this budget work. You can go for a simple bungalow or a one-story house with the possibility of expanding in the future. Opting for a design with fewer frills—such as minimalistic interiors, locally sourced materials, and simpler roofing—could also help lower costs.
3. Property Options on a ₦10M to ₦15M Budget
When building a home in Lagos with a ₦10M to ₦15M budget, you’ll have to think creatively and realistically about the kind of property that fits into this range. Here are some options:
1. A Bungalow
Building a 2 to 3-bedroom bungalow can be a great option within your budget. This structure will likely be more affordable because it’s single-story and requires fewer resources than a multi-level building. In outer Lagos, such as parts of Ajah, Alimosho, or even the outskirts of Ikeja, you can find plots for as low as ₦3 million to ₦5 million, leaving ample room for construction within your ₦10M to ₦15M range.
2. A Simple Two-Story Home
If you want a slightly more spacious house but can’t afford sprawling mansions, a two-story house might be an ideal compromise. This is particularly true if you’re willing to focus on cost-effective finishes and simple design elements. While building vertically in some parts of Lagos can save on land costs, it may require a higher budget for the foundation and structural integrity.
3. A Self-Contained Studio or One-Bedroom Apartment
If you’re more interested in the investment side of things, building a smaller, self-contained studio or one-bedroom apartment could be a great way to start. These units are in demand in Lagos, especially in areas like Ikorodu, Surulere, or Agege, where rental prices are still reasonable. This is a more affordable option if you’re looking to generate income from the property once it’s built.
4. Locations to Consider
The location you choose will make or break your budget. Some of the most affordable locations in Lagos for building a house with ₦10M to ₦15M include:
- Ajah: A relatively well-developed area, Ajah offers affordable land and is increasingly popular among middle-class buyers. You can easily find plots for ₦3 million to ₦5 million in the area.
- Alimosho: Known for its proximity to mainland Lagos, Alimosho has great potential for affordable housing. Areas like Egbeda, Ikeja, and Igando are all home to properties that fit within the lower budget range.
- Ikorodu: A bit farther from the commercial center of Lagos, Ikorodu still offers decent land prices and is becoming more attractive for residential properties.
- Badagry: For those who are willing to go even further out, Badagry offers land at more affordable rates. While it’s not as developed as areas like Lekki or Victoria Island, it’s still a growing area with good future prospects.
- Epe: Though further away, Epe has been gaining attention as a residential area with affordable plots and peaceful surroundings. This could be a great long-term investment option.
5. Final Thoughts: Is It Worth It?
So, can you build a house in Lagos for ₦10M to ₦15M? The short answer is: Yes, but with caveats. If you’re strategic about your choice of location, the design of your house, and your building materials, you can definitely make it work. Areas like Ajah, Alimosho, and Ikorodu are ideal for a budget-friendly home. You might need to compromise on the size or luxury of your property, but with a realistic approach, it’s absolutely possible to create a space that works for you.
Building a home in Lagos is definitely achievable within this budget if you plan carefully. Take the time to research, compare land prices, and choose a design that maximizes your budget. After all, a modest home in a well-chosen area can be a stepping stone to more expansive projects in the future.
Happy building!