Cost of construction on the islands. Here, as in any country, construction costs in the Bahamas vary depending on the location, terrain and topography of the construction site, design of the building, the materials used and the quality of finish.Costs can be as low as $65 to $80 per square foot for low cost, wooden housing.However, a modest home of concrete block construction with timber roof framing should cost between $100 to $150.n average home will cost around $150 to $200. A better than average home with good quality finishes can cost $200 to $400. For luxury, high end, homes the cost can be well over $400 per square foot though, naturally, this would include the finest finishes and details associated with such upscale housing.