Real estate took 25.6% of a foreign investment total that fell 23.2%

Financial and insurance activities, real estate and manufacturing together accounted for 82.4% of the quarter's inflows. That is a narrow base. A country whose foreign investment runs through three sectors is one where a single large transaction — a bank recapitalisation, one development deal, one factory — can move the national figure noticeably. It is a reason to read any single quarter's FDI number as a snapshot of a few decisions rather than as a measure of general confidence.

The report attributes the fall mainly to a lower rate of reinvestment — profits that foreign-owned businesses already here chose to take out rather than put back. That is a different signal from fresh money declining to arrive. Reinvestment reflects how the people who already know the market feel about their next few years in it, so a weak reinvestment quarter is worth more attention from an owner than a weak headline total. It is the insiders' vote.

Measured against the market it lands in, this is not a dominant number. Tbilisi's residential market alone turned over USD 958 million in a single quarter earlier in the year. Foreign direct investment in property is therefore a contributor to Georgian real estate, not the engine of it; the engine is domestic buyers and foreign retail purchasers of individual flats, which is a separate flow from corporate FDI. Anyone reading an FDI headline as a verdict on housing demand is reading the wrong statistic.

These are preliminary figures, which Geostat revises — the 23.2% fall is itself measured against revised 2025 data. The published breakdown of the total into equity and reinvestment components, as reported, does not reconcile with the total, so those two components are best left alone until the full release is checked. The sector and country shares, which do add up sensibly, are the parts to rely on.