去年全球房地產市場總價值創紀錄

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 investors poured cash into real estate assets around the world.

隨着投資者將資金大舉注入全球房地產資產，2014年全球房地產市場總價值達到13.6萬億美元的創紀錄高點，同比增長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 advisers DTZ.

房地產顧問公司戴德樑行(DTZ)開展的研究顯示，2014年購房者在房地產交易上花了7710億美元，只比全球金融危機前創下的紀錄低一點。

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

在超低利率環境中手握大量現金追求回報的投資者，是房地產市場這波繁榮的主要推動因素。戴德樑行發現，2014年房地產投資淨值增長了8%。

By contrast leverage 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.

與之形成對照的是，所有地區的槓桿都出現了下降，原因是銀行繼續縮減對房地產市場的敞口。自本次金融危機以來的五年裏，銀行一直在撤出這一領域。

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

戴德樑行資本市場研究主管奈傑爾•阿爾蒙德(Nigel Almond)表示，非上市基金是房地產投資淨值增長的最大貢獻者，散戶投資者和機構起到了主導作用。

“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.

阿爾蒙德表示：“多個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環境下，它們看起來依然是很有吸引力的投資。”

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

戴德樑行警告說，尋覓房地產交易的資金如此之多，在部分市場引發了過熱跡象。接受該公司調查的房地產業人士當中，有三分之二的人表示資本過剩是該市場面臨的主要風險。

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

阿爾蒙德表示，投資者需求太大，“正導致定價與基本面脫節”。

“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 redeem their investment with consequent impact on pricing.”

他說：“市場面臨的風險包括利率上升，那會降低房地產市場的相對吸引力，進而可能會導致新投資停滯和資金流向逆轉。同時，投資者贖回投資的嘗試會給定價帶來相應的影響。”

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

因此，房地產市場“有過熱的風險”。

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.

今年早些時候發佈的數據顯示，隨着房價和房地產投資收益率達到金融危機前所見的紀錄高點，人們愈發擔心房地產市場正在形成泡沫。