Three million naira house in Ibadan? Is it possible? There’s absolutely no doubt that Ibadan is relatively cheap compared to other big cities like Lagos, Port-Harcourt , Warri , Enugu and other fast growing cities in Nigeria. The cost of acquiring property, rent and living in the city of Ibadan is relatively low when compared other major big cities in the country. This low cost of living has attracted people from all around the country to settle and acquire properties in Ibadan. People are either looking to buy or build houses in different areas in Ibadan. Among the choice areas for home owners in Ibadan are: Oluyole, Akobo, Bodija, Ikolaba , Challenge , Ring road , Elebu and olorunda-aba.
These areas attract people due to the relative Peace, serenity and tranquillity in these areas. Apart from the peace in the area, the cost of buying landed property in these areas is cheap when compared to similar areas with the same kinds of benefits in other cities in Nigeria. Some of these areas are still very new and in the developing phase which makes landed property cheaper when compared to the older and well occupied areas.
Among such area are Elebu and Olorunda-aba. These new areas are currently enjoying the benefits of the rapid influx of people into the area and also, the construction of new roads that link these areas which were once thought to be very far with the nearest cities. Elebu is directed linked to New garage which links to gate, sanyo and others. Elebu also links to Apata which is the entry into the state from Abeokuta. There are now shopping malls, schools, big churches and housing estate in this area.
Olorunda-aba which used to be about thirty five minutes (40mins) away from Ojurin Akobo due to the bad road is now about twenty five minutes (although the road construction is still on-going). A plot of land which used to cost around 300,000/plot (three hundred thousand naira per plot) now goes for around 450,000 to 600,000 per plot depending on the proximity to the main road. Most of the lands are already owned except you get owners willing to sell or you move into areas like N.O Idowu which are still relatively undeveloped.
Can you get a 3 million house in Ibadan?
Short answer: No. If we factor the cost of building a house in Nigeria, cost of building materials and the cost of the land itself, we can see that it’s virtually impossible to get a 3 million naira house for sale in Ibadan. To put things into perspective
Cost of Land – Let’s assume the land is inherited and there’s no cost.
20tons granite X2 -N120,000.
20tons sharp sand X5 – N100,000
150 bags of cement -N375,000
1000 blocks @ N150- N150,000
Cost of labour – N150,000
Estimated total cost for foundation=N895,000
Super structure (Laying of blocks to lintel level)
300 Blocks –N450,000
Sharp sand X 15 – N300,000
Cement X 50 bags – N125,000
Labour – N150,000
Estimated total cost = N1,025,000
Roof truss = N450,000 (including workmanship)
Roof sheet = N300,000 (long span roofing sheet)
ceiling = N200,000
Estimated total cost for the roofing works is N950,000.
The cost of the finishing touch usually differs. This is because it’s usually done to taste. The builder or home owner can prefer a certain type of door, Paint, tiles, kitchen fittings and even electric switches. These all comes at varying costs. Finishing includes: plastering, electrical works, Tiling, plumbing, windows, doors among others.
Plastering (estimated total costs which includes sand, cement and labour) = N450, 000
Floor tiles (Varies, but includes tiles, cements, sand and labour) = N350,000
Painting (varies of type) = N400,000
Doors (varies) = N250,000
windows (varies) =N250,000
Electrical works = N250,000
Plumbing works = N150,000
Estimated total finishing cost =N2,050,000
The total cost =2,050,000+950,000+1,025,000+895,000 = N4,92,000
The total cost without the cost of land is roughly about five million naira, so how do you want to own a 3 million naira house in Ibadan ?.
If you insist, you can look around beere and Ojee and you can get something like the picture below. You can then wreck the structure and erect your own building.
But if you want to buy a house in Ibadan, you can reach out to us and you’ll be glad you did.