RE/MAX Holdings announced the sale of master franchise rights for Libya and the launch of a new office in Baku, Azerbaijan, on February 10, 2026, extending the company’s presence to more than 120 countries and territories worldwide.
The Libyan franchise will be headquartered in Tripoli and is led by Region Owners Zyead Ghattour and Alhareth Ghattour, with Regional Director Ali Milad overseeing day‑to‑day operations. The sale gives RE/MAX a foothold in a market that is poised for a modern, structured approach to real‑estate brokerage, according to the new owners who see the brand as a vehicle for professionalizing the sector.
In Azerbaijan, the new Baku office is operated by REMAX 1st Realty and led by İdris Cengiz. The company cites rapid urban development, increasing foreign investment, and a young, tech‑savvy workforce as key drivers of growth in the Azerbaijani market, positioning the new office to capture a share of the expanding real‑estate demand.
Strategically, the expansion aligns with RE/MAX’s long‑term goal of global growth and market diversification. By entering Libya and Azerbaijan, the company taps into emerging markets that offer higher growth potential than its mature U.S. and European operations, potentially offsetting recent declines in revenue and operating margins reported for the first quarter of 2026.
Financially, RE/MAX has faced a decline in revenue and operating margins, with an Altman Z‑Score placing the company in the distress zone. The new franchise and office are expected to contribute incremental revenue and broaden the company’s geographic risk profile, providing a counterbalance to the weaker performance in core markets.
Management emphasized the significance of the moves. Senior Vice President of RE/MAX Global and Commercial Shawna Gilbert said the expansion “reinforces our goal of delivering world‑class real‑estate professionalism everywhere people buy and sell homes or properties.” The Libyan owners highlighted the opportunity to introduce global standards, while İdris Cengiz noted that the Azerbaijani market’s rapid growth and foreign investment make it an attractive location for RE/MAX’s brand.
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