In the hunt for farmland investments, New Zealand has not been overlooked.
As well as well-heeled foreigners pursuing Southern Hemisphere trophy properties, serious investors are chasing more tangible returns.
For example, since late last year one German group has received Overseas Investment Office (OIO) approvals to buy a total of 3300ha of dairy land, mostly in Southland, for a total of $91.5 million.
According to the OIO, the Germans - the Aquila Group - are looking for farms that are below peak market prices, not being well farmed, or able to be expanded.
Another fund in the same German group, AgrarINVEST Lux, last year won approval to buy a 403ha farm at Otautau, in Southland, for $11.73 million.