随着我国经济的发展和人民物质追求的不断提高，房地产领域投资活动也日益活跃。房地产业现已成为我国国民经济的支柱产业之一。但是我国房地产市场机制还不够完善，政策法规尚不健全，近几年我国的房地产业持续出现投资过热、房价飞涨、国家宏观调控不理想等现象。面对房价，百姓多有抱怨，政府也不断进行调控，房地产业现已成为高风险行业之一。房地产业已成为关乎社会和谐、人民生活是否安定的重要因素。对房地产投资风险的研究成为理论界和实业界面临的重要课题。 论文对影响房地产投资的风险因素做了论述，概括为政策风险、经济风险、社会风险、管理风险等几个大类。在此基础上对风险因素进行了结构化分析。从宏观层次出发，构建了房地产投资风险的指标体系。根据经济分析法的要求，本文从指标体系中选取了房地产投资占GDP的比重、空置率指标、房价收入比指标、房价增长率/GDP增长率来对房地产投资风险进行测度。由于房地产市场地域性差异比较大，所以本文选取西安市作为研究的对象，用《西安统计年鉴》中的数据对指标进行量化，最后用指数合成法对风险进行深化。最后得出了西安市近些年房地产市场的风险程度。

As China's economic development and the pursuit of continuous improvement of people's material, real estate investment activities are also increasingly active. Real estate has become one of China's pillar industries. But China's real estate market mechanism is not perfect, policies and regulations are not perfect, the real estate industry in China in recent years, persistent overheated investment, house prices, the national macro-control is not ideal and so on. The face of housing prices, many people have complained that the Government continues to regulate the real estate industry has become a high-risk industry. The real estate industry has become about social harmony and stability of people's lives is an important factor. Risks of real estate investment theory and the business community is facing a major issue. Real estate investment thesis on the impact of the risk factors that are discussed and summarized for policy risk, economic risk, social risk, management risk, and several other categories. On the basis of risk factors on the structural analysis, Starting from the macro level, build a real estate investment risk index system. According to the requirements of economic analysis, this indicator system is selected from the real estate investment share of GDP, the vacancy rate index, price earnings ratio index, house prices growth rate / GDP growth rate to measure risk in real estate investment. As the real estate market is relatively large regional differences, this article selected as the object of study in Xi'an, with the "Xi'an Statistical Yearbook," the indicators in the quantitative data, with the final synthesis of the risk index to deepen. Finally, the real estate market in recent years, Xi'an obtained the degree of risk.