A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_URI::$config is deprecated

Filename: core/URI.php

Line Number: 103

Backtrace:

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Router::$uri is deprecated

Filename: core/Router.php

Line Number: 131

Backtrace:

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$benchmark is deprecated

Filename: core/Controller.php

Line Number: 82

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$hooks is deprecated

Filename: core/Controller.php

Line Number: 82

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$config is deprecated

Filename: core/Controller.php

Line Number: 82

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$log is deprecated

Filename: core/Controller.php

Line Number: 82

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$utf8 is deprecated

Filename: core/Controller.php

Line Number: 82

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$uri is deprecated

Filename: core/Controller.php

Line Number: 82

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$exceptions is deprecated

Filename: core/Controller.php

Line Number: 82

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$router is deprecated

Filename: core/Controller.php

Line Number: 82

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$output is deprecated

Filename: core/Controller.php

Line Number: 82

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$security is deprecated

Filename: core/Controller.php

Line Number: 82

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$input is deprecated

Filename: core/Controller.php

Line Number: 82

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$lang is deprecated

Filename: core/Controller.php

Line Number: 82

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$db is deprecated

Filename: core/Loader.php

Line Number: 399

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_DB_mysqli_driver::$failover is deprecated

Filename: database/DB_driver.php

Line Number: 371

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$email is deprecated

Filename: core/Loader.php

Line Number: 1286

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$template is deprecated

Filename: core/Loader.php

Line Number: 1286

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Return type of CI_Session_files_driver::open($save_path, $name) should either be compatible with SessionHandlerInterface::open(string $path, string $name): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice

Filename: drivers/Session_files_driver.php

Line Number: 132

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Return type of CI_Session_files_driver::close() should either be compatible with SessionHandlerInterface::close(): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice

Filename: drivers/Session_files_driver.php

Line Number: 294

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Return type of CI_Session_files_driver::read($session_id) should either be compatible with SessionHandlerInterface::read(string $id): string|false, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice

Filename: drivers/Session_files_driver.php

Line Number: 168

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Return type of CI_Session_files_driver::write($session_id, $session_data) should either be compatible with SessionHandlerInterface::write(string $id, string $data): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice

Filename: drivers/Session_files_driver.php

Line Number: 237

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Return type of CI_Session_files_driver::destroy($session_id) should either be compatible with SessionHandlerInterface::destroy(string $id): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice

Filename: drivers/Session_files_driver.php

Line Number: 317

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Return type of CI_Session_files_driver::gc($maxlifetime) should either be compatible with SessionHandlerInterface::gc(int $max_lifetime): int|false, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice

Filename: drivers/Session_files_driver.php

Line Number: 358

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$session is deprecated

Filename: core/Loader.php

Line Number: 1286

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$fungsi is deprecated

Filename: core/Loader.php

Line Number: 1286

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$template_web is deprecated

Filename: core/Loader.php

Line Number: 1286

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 10
Function: __construct

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$Web_m is deprecated

Filename: core/Loader.php

Line Number: 361

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 14
Function: model

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$Property_setting_m is deprecated

Filename: core/Loader.php

Line Number: 361

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 14
Function: model

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$Property_m is deprecated

Filename: core/Loader.php

Line Number: 361

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 14
Function: model

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$pagination is deprecated

Filename: core/Loader.php

Line Number: 1286

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 16
Function: library

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Web::$agent is deprecated

Filename: core/Loader.php

Line Number: 1286

Backtrace:

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 17
Function: library

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property Template_web::$CI is deprecated

Filename: libraries/Template_web.php

Line Number: 14

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 14
Function: _error_handler

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$load is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$CI is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$benchmark is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$hooks is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$config is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$log is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$utf8 is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$uri is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$exceptions is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$router is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$output is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$security is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$input is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$lang is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$db is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$email is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$template is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$session is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$fungsi is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$template_web is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$Web_m is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$Property_setting_m is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$Property_m is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$pagination is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

File: /home/egyptrealtor/public_html/index.php
Line: 633
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Creation of dynamic property CI_Loader::$agent is deprecated

Filename: core/Loader.php

Line Number: 934

Backtrace:

File: /home/egyptrealtor/public_html/application/libraries/Template_web.php
Line: 15
Function: view

File: /home/egyptrealtor/public_html/application/controllers/Web.php
Line: 601
Function: load

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أحد أهم الأدوات المالية وأكثرها شيوعاً لتقييم الجدوى الاقتصادية للمشاريع أو الاستثمارات العقارية

انشر هذا المقال

يُعتبر **معدل العائد الداخلي (IRR - Internal Rate of Return)** أحد أهم الأدوات المالية وأكثرها شيوعاً لتقييم الجدوى الاقتصادية للمشاريع أو الاستثمارات العقارية.
### ما هو الـ IRR ببساطة؟
هو "معدل الخصم" الذي يجعل **صافي القيمة الحالية (NPV)** لجميع التدفقات النقدية (الداخلة والخارجة) من مشروع معين مساوياً لـ **الصفر**.
بمعنى أبسط: هو النسبة المئوية للربح السنوي المتوقع الذي سيحققه الاستثمار على مدار عمره، مع مراعاة **القيمة الزمنية للنقود** (أي أن الجنيه اليوم يساوي أكثر من جنيه غداً).
### كيف يتم حسابه؟
يتم حساب IRR باستخدام معادلة "صافي القيمة الحالية" (NPV)، حيث نبحث عن القيمة r التي تحقق المعادلة التالية:
حيث أن:
 * C_t: التدفق النقدي الصافي خلال الفترة t.
 * r: معدل العائد الداخلي (IRR).
 * t: الفترة الزمنية.
 * n: إجمالي عدد الفترات.
> **ملاحظة:** يصعب حساب IRR يدوياً وعادة ما يتم استخراجه باستخدام جداول Excel أو الآلات الحاسبة المالية عبر التجربة والخطأ.

### لماذا يعتبر الـ IRR مهماً؟
 1. **مقارنة المشاريع:** يسمح لك بمقارنة مشروعين مختلفين تماماً (مثلاً: بناء عقار جديد مقابل شراء عقار مؤجر) ومعرفة أيهما يعطي عائداً أعلى كنسبة مئوية.
 2. **القيمة الزمنية للنقود:** على عكس العائد البسيط، يدرك IRR أن الحصول على 100 ألف جنيه الآن أفضل من الحصول عليها بعد 5 سنوات.
 3. **قرار الاستثمار:** القاعدة العامة هي: إذا كان الـ IRR الخاص بالمشروع **أكبر** من تكلفة رأس المال (أو العائد الذي تطلبه كأدنى حد)، فإن المشروع يعتبر مربحاً.
### الفرق بين IRR و ROI و Cap Rate
| الميزة | IRR | ROI | Cap Rate |
|---|---|---|---|
| **التدفقات النقدية** | يأخذ في الاعتبار جميع التدفقات المستقبلية | يركز على الربح الإجمالي النهائي | يركز على الدخل السنوي الحالي فقط |
| **الزمن** | يهتم بـ "متى" تدخل الأموال وتخرج | لا يهتم بتوقيت الأموال | لقطة ثابتة (سنة واحدة) |
| **التعقيد** | معقد ويحتاج برمجيات | بسيط جداً | بسيط ومباشر |
### باختصار:
إذا كان

**Cap Rate** يخبرك كم يربح العقار "اليوم"، فإن **IRR** يخبرك بـ "القصة الكاملة" للاستثمار منذ لحظة دفع أول جنيه وحتى لحظة الخروج وبيع العقار في المستقبل.


إليك الترجمة العربية:

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دعني أستعرض مثالاً عملياً على عقار واحد عبر المقاييس الخمسة جميعها.

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**الصفقة**

- سعر الشراء: 1,000,000$
- تكاليف التجديد: 100,000$
- الدفعة الأولى (30%): 300,000$
- مبلغ القرض: 700,000$
- أقساط الرهن العقاري السنوية: 42,000$
- الإيجار السنوي الإجمالي: 80,000$
- المصاريف التشغيلية (ضرائب، تأمين، صيانة، إدارة): 20,000$
- سعر البيع بعد 5 سنوات: 1,250,000$

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**صافي الدخل التشغيلي = الإيجار الإجمالي − المصاريف التشغيلية**
80,000$ − 20,000$ = **60,000$ سنوياً**

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**1. معدل الرسملة (Cap Rate)**
صافي الدخل التشغيلي / القيمة السوقية
60,000$ / 1,000,000$ = **6%**

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**2. العائد على التكلفة (Yield on Cost)**
صافي الدخل التشغيلي / إجمالي التكلفة
60,000$ / 1,100,000$ = **5.45%**

> أقل من معدل الرسملة هنا لأن تكاليف التجديد أضافت إلى أساس التكلفة دون أن ترفع صافي الدخل التشغيلي بالكامل بعد.

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**3. العائد على الاستثمار (ROI) — بعد 5 سنوات**
- إجمالي صافي الدخل التشغيلي على مدى 5 سنوات: 300,000$
- ناقص أقساط الرهن العقاري: −210,000$
- صافي التدفق النقدي: 90,000$
- الأرباح الرأسمالية عند البيع: 150,000$
- **إجمالي الربح: 240,000$**

العائد على الاستثمار = 240,000$ / 300,000$ (حقوق الملكية المستثمرة) = **80% على مدى 5 سنوات (~16% سنوياً)**

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**4. الأرباح الرأسمالية (Capital Gain)**
سعر البيع − سعر الشراء
1,250,000$ − 1,000,000$ = **250,000$**

> إذا احتُفظ بالعقار أكثر من سنة، تُطبَّق ضريبة أرباح رأس المال طويلة الأجل (عادةً 15-20% في الولايات المتحدة). بعد ضريبة 20%: **200,000$ صافياً**.

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**5. العائد المالي (Fiscal Yield)**
صافي الدخل بعد الضريبة / إجمالي الاستثمار
- التدفق النقدي السنوي بعد الرهن: 18,000$
- بافتراض ضريبة دخل 25%: 13,500$ صافياً
- 13,500$ / 300,000$ = **4.5%**

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**جدول الملخص**

| المقياس | النتيجة |
|---|---|
| معدل الرسملة | 6.0% |
| العائد على التكلفة | 5.45% |
| العائد على الاستثمار (سنوي لـ5 سنوات) | ~16% |
| الأرباح الرأسمالية | 250,000$ (200,000$ بعد الضريبة) |
| العائد المالي | 4.5% |

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الخلاصة الجوهرية: كل مقياس يروي *جزءاً مختلفاً* من القصة. معدل الرسملة والعائد على التكلفة يقيسان القدرة الإيرادية للأصل. العائد على الاستثمار يلتقط الصورة الكاملة. أما العائد المالي فيُظهر ما *تحتفظ* به بعد الضريبة.

هل تريد مني تعديل أي من الافتراضات أو نمذجة سيناريو مختلف؟

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