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.
The OIO says the fund is particularly interested in investing in dairy farming in Australia and New Zealand, and beef farming in Brazil.
New Zealand dairy farms have also attracted the interest of Harvard University, which last September won approval for a $34 million purchase of 1760ha of Central Otago dairy land.
Since the start of 2006, the OIO has approved the sale to foreign buyers of 300,400ha of freehold land and 239,600ha of other interests in land, such as leases.
Those figures are for land passing from New Zealand to overseas ownership, excluding sales of land already in foreign hands.