The total value of the world’s property markets hit a record high of $13.6tn in 2014, up 4 per cent year on year, as investors² poured cash into real estate³ assets around the world.

随着投资者将资金大举注入全球房地产资产，2014年全球房地产市场总价值达到13.6万亿美元的创纪录高点，同比增长4%。

Buyers spent $771bn on real estate deals in 2014, just short of the previous record set before the global financial crisis, according to research by property advisers⁴ DTZ.

房地产顾问公司戴德梁行(DTZ)开展的研究显示，2014年购房者在房地产交易上花了7710亿美元，只比全球金融危机前创下的纪录低一点。

Cash-rich investors seeking returns in the ultra-low interest rate environment were the main drivers of the boom. The volume of equity⁵ being invested increased by 8 per cent in 2014, DTZ found.

在超低利率环境中手握大量现金追求回报的投资者，是房地产市场这波繁荣的主要推动因素。戴德梁行发现，2014年房地产投资净值增长了8%。

By contrast leverage⁶ fell in every region, as lenders continued to scale back their exposure to the property market. They have been in retreat for half a decade, since the financial crisis.

与之形成对照的是，所有地区的杠杆都出现了下降，原因是银行继续缩减对房地产市场的敞口。自本次金融危机以来的五年里，银行一直在撤出这一领域。

Unlisted funds were the biggest contributors to the increase in equity, with retail⁷ investors and institutions dominating, Nigel Almond, head of capital markets research at DTZ, said.

戴德梁行资本市场研究主管奈杰尔•阿尔蒙德(Nigel Almond)表示，非上市基金是房地产投资净值增长的最大贡献者，散户投资者和机构起到了主导作用。

“Prime yields in a number of cities are back where they were in 2007 but because of ultra-low interest rates they still look like an attractive investment,” Mr Almond said.

阿尔蒙德表示：“多个城市的基本收益率已重返2007年的水平。但在目前的超低利率环境下，它们看起来依然是很有吸引力的投资。”

The weight of money seeking property deals is leading to signs of overheating in some markets, the advisory⁸ company warned. Two-thirds of the property industry figures surveyed by DTZ said that excessive capital was a major risk to the market.

戴德梁行警告说，寻觅房地产交易的资金如此之多，在部分市场引发了过热迹象。接受该公司调查的房地产业人士当中，有三分之二的人表示资本过剩是该市场面临的主要风险。

Mr Almond said the sheer volume of investor¹ demand was “driving a disconnect between pricing and fundamentals”.

阿尔蒙德表示，投资者需求太大，“正导致定价与基本面脱节”。

“Markets are at risk of an increase in interest rates which will see the relative attractiveness of real estate diminish,” he said. “In turn this could stall new investment and reverse the flow of funds as investors seek to redeem⁹ their investment with consequent impact on pricing.”

他说：“市场面临的风险包括利率上升，那会降低房地产市场的相对吸引力，进而可能会导致新投资停滞和资金流向逆转。同时，投资者赎回投资的尝试会给定价带来相应的影响。”

As a result the markets are “in danger of overheating”.

因此，房地产市场“有过热的风险”。

Fears are rising of an emerging property bubble, as prices and yields hit records last seen before the financial crisis, figures published earlier this year showed.

今年早些时候发布的数据显示，随着房价和房地产投资收益率达到金融危机前所见的纪录高点，人们愈发担心房地产市场正在形成泡沫。