Depends on what you are building and where. I'm a property developer and the contract prices for my current projects are as follows, the unit costs include external works like parking, swimming pool etc:

Luxury apartments and duplexes:48,450 (contract awarded march 2010)
Standard finish apartments:32,700 (contract awarded june 2010)
Standard finish apartments:32,000 (contract awarded march 2011)

It also depends on who the contractor is, for my latest project I got a mid-sized contractor and negotiated a better price than what i got last year from a bigger contractor.

I have an office block which is currently under tendering, so will know the price range for office blocks in around a week, though i paid around 35000 for an office block in 2008.

Also looking to build in the near future, and it would be quite useful to know some of these contractors you refer to, if you don't mind, so we can shop around and get quotes too!

@Vj,
could give more infor. especially on the luxury apts... the reason i ask for more is that 48,450/- per sqm may mean different things in a 5mX5mroom, for example are all the rooms ensuite? and how many rooms? this i believe will give a clear est as opposded to a 5mX5m room with no extras e.g Bath but with high end finishing...

@Pablo,
If you were to cost your man hours, i.e. in the way of opportunity cost, how would you cost it?

Completed 8 3Br bungalows (110Sqm) at 21,543,180.20. Additional costs such as more driveway, professional costs and common areas were higher. This was self-build but the man hours obviously were much more. Initially had tendered but lowest bid came at 26.5m.

Something seriously wrong with our contracting system in Kenya.