What is 毛内部收益率（Gross IRR）?
在扣除任何管理费、绩效分成或交易成本之前，以投资项目级别计算的年化内部收益率，反映资产本身的原始投资回报水平，通常高于投资者实际获得的净IRR。
Description
Gross IRR measures the time-weighted annualized return of a real estate investment at the asset level, before any fund manager fees, carried interest, or administrative costs are deducted. It reflects the property's raw performance rather than what the investor actually takes home.
The spread between gross and net IRR reveals the total cost of the fund structure. A fund advertising 18% gross IRR with a 2% management fee and 20% carry above an 8% hurdle might deliver 13-14% net IRR. For a Dubai property fund investing AED 50 million, that 4-5% spread represents AED 2-2.5 million annually in fees and profit-sharing.
Gross IRR is useful for comparing the underlying investment skill of different fund managers independent of their fee structures. Two managers investing in similar Dubai properties might achieve similar gross IRRs, but vastly different net IRRs depending on fee levels. Always ask for both figures when evaluating fund performance.
公式
Gross IRR = IRR of all property-level cash flows (rental income + sale proceeds) before fund-level feesHow to interpret
For direct property investments (no fund structure), gross and net IRR are effectively the same since there are no fund-level fees. In Dubai's direct investment market, a buy-to-let apartment in areas like JVC or Dubai Hills with 7-8% rental yield and 5-7% annual appreciation might generate a gross IRR of 15-20% over a 5-year hold depending on debt financing.
迪拜市场背景
Dubai-focused real estate fund marketers frequently headline gross IRR in presentations. Request the net IRR to investors after all fees, management fees, acquisition fees, disposition fees, and carried interest, to understand what you actually receive. A fund showing 22% gross IRR but with a 2% management fee, 2% acquisition fee, and 20% carry above an 8% hurdle may deliver a net IRR of 14-16%, which changes the return comparison notably.
Frequently asked questions
The annualized internal rate of return on a real estate investment calculated before deducting fund management fees, carried interest, and administrative expenses.
The standard formula is: Gross IRR = IRR of all property-level cash flows (rental income + sale proceeds) before fund-level fees. Applying it consistently lets you compare projects on a like-for-like basis, which is the point of the metric.
For direct property investments (no fund structure), gross and net IRR are effectively the same since there are no fund-level fees. In Dubai's direct investment market, a buy-to-let apartment in areas like JVC or Dubai Hills with 7-8% rental yield and 5-7% annual appreciation might generate a gross IRR of 15-20% over a 5-year hold depending on debt financing.
Dubai-focused real estate fund marketers frequently headline gross IRR in presentations. Request the net IRR to investors after all fees, management fees, acquisition fees, disposition fees, and carried interest, to understand what you actually receive.
Oliva feeds Gross IRR into a proprietary 6-dimension score that rates eparticularly Dubai project on Financial Value, Market Dynamics, Location, Developer Trust, Risk, Macro Context, and Liquidity. This keeps comparisons consistent across hundreds of listings.
Two managers investing in similar Dubai properties might achieve similar gross IRRs, but vastly different net IRRs depending on fee levels. Always ask for both figures when evaluating fund performance.
Stop reading theory. See 毛内部收益率（gross irr） on real Dubai projects.
Oliva shows this metric live on 1,000+ Dubai projects, alongside 7 other data points that actually predict returns. DLD and RERA licensed, free to browse.
This content is for educational purposes only and does not constitute investment, financial, legal, or tax advice. Yields, returns, and market data referenced are historical or estimated and are not guaranteed. Capital is at risk. Seek independent professional advice before making investment decisions. Oliva is a licensed Dubai real estate advisor (DLD Broker Card: 92025, RERA BRN: 1573501). Read our Key Risks Disclosure and Disclaimer.