Even before Britain shocked the global markets and voted to break off from the European Union, international buyers were looking to move investments to New York and away from London. Amid the uncertainty caused by “Brexit”, London’s housing market is expected to take a hit — though it’s unclear how severe the blow will be and how long it will last is — and its status as a global gateway city could be in jeopardy. Some experts are predicting London real estate prices to drop by 5 to 15% in the coming months.

This presents an opening for New York at a time when the luxury market here is beginning to soften and concern is brewing about a possible slowdown.

Last year, apartments in the luxury segment (top 10% of the market) in London sold for an average of $4,480 per square foot compared to New York’s $2,586, according to Knight Frank. Still, prices have been rising faster in New York, partly because of other uncertainties in London, including the possibility of a mansion tax.

London’s turmoil also makes the Miami market even more attractive. Some Miami developers predict a population growth of about 20,000 people to downtown Miami over the next few years as a result. Continued growth from international and domestic investors alike would build on New York and Miami’s real estate positioning in the global market.