In the global real estate market, New Zealand used to be something of an unknown quantity. It was considered too small to attract the attention of big corporate investors and sufficiently illiquid to frighten off all but the bravest individuals. That changed in 2014 with a surge in large investments. The shift looks likely to be sustained amid robust economic growth, attractive yields and an accommodative tax regime. Traditionally, local and Australian investors have had the New Zealand market largely to themselves, together with occasional wealthy and intrepid Asians. But no fewer than six global institutional investors entered the market last year: Credit Suisse; GIC Private, formerly known as the Government of Singapore Investment Corp.; Germany’s Deka Immobilien; the U.K.’s Forum Partners; Canadian pension fund PSP Investments; and Aviva Investors, then the Asian property arm of U.K.-based Aviva but since sold to JPMorgan Asset Management.