Foreign direct investment in Montenegro dropping – More than EUR 100 million invested in real estate, mostly from Serbia

The total inflow of foreign direct investment (FDI) during the first quarter of this year amounted to EUR 206.59 million, down 2.44% compared to the same period last year, according to data from the Central Bank of Montenegro (CBCG). Despite the decline of almost 11%, real estate investments continue to dominate, with over EUR 100 million invested in three months. The most money came from Serbia - around EUR 35.6 million, of which EUR 21.8 million related to the sale of real estate.

Data from the Central Bank Bulletin show that the net inflow of foreign direct investment in the three months amounted to EUR 75.67 million, which represents a decrease of 38.10% compared to the same period in 2025, and largely as a result of increased outflows.

In the form of equity investments, an inflow of EUR 138.56 million was achieved, which makes up 67.07% of the total inflow. In the structure of equity investments, investments in companies and banks amounted to EUR 37.15 million, recording an increase of EUR 15.5 million or 71.32%. As already mentioned, investments in real estate amounted to EUR 101.41 million, which is a decrease of 10.66%.

– FDI inflow in the form of intercompany debt amounted to EUR 65.06 million, or 31.49% of the total inflow, which is 7.20% less than in the same period last year. The remaining 1.44%, or EUR 2.97 million, referred to other investments, or inflows based on the withdrawal of investments from abroad – the document states.

Observed by country, the most money came from Serbia, namely EUR 35.6 million. With an amount of EUR 21.8 million, investments in real estate dominated, while 10.9 million related to investments in domestic companies and banks. Investments from Turkey followed, with the total amount of around EUR 30 million, 18.47 million related to intercompany debt, while EUR 10.58 million was invested in real estate.

Investments worth around 15.09 million came from the United States, and the largest part of the funds - 11 million, was invested in real estate. The United Arab Emirates is in fourth position with investments of 14.09 million, followed by Germany with EUR 13.59 million.

Total FDI outflow during the first quarter amounted to EUR 130.92 million, which is 46.26% more than in the comparable period.

– The outflow of residents’ investments abroad amounted to EUR 32.74 million, while the withdrawal of non-residents' funds invested in our country amounted to EUR 98.18 million – the Central Bank concludes.

Central Bank of Montenegro

CBCG

foreign direct investments

FDI

inflow of foreign direct investments