Recent reports have revealed that real estate prices in Paris are set to reach record highs this summer as buyers—mostly British—seek to purchase apartments in the French capital’s most luxurious neighborhoods.

Statistics from a Paris notary (Thierry Dolsal) show that the number of buyers is growing uncontrollably; he added that demand has exceeded supply, particularly for select properties, “perhaps due to Brexit”—that is, Britain’s exit from the European Union.

While Italians are the largest group of foreign homebuyers in Paris—accounting for 17 percent of properties sold to non-French buyers—the British rank second, accounting for 10 percent of these transactions.

Statistics from the Paris and Île-de-France Chamber of Notaries showed that apartment prices in Paris rose by 5.5%, reaching 8,450 euros per square meter during the first three months of this year.

The survey projected that prices would continue to rise, reaching 8,800 euros per square meter in July, based on preliminary contracts currently being prepared for signing. The last record high for real estate prices in Paris was set in the summer of 2012, when prices reached 8,460 euros per square meter.

Real estate prices in Paris had fallen over the past three or four years to 7,880 euros per square meter. However, apartment prices in the capital have been rising again since the summer of 2015. Notary estimates indicate that prices in Paris’s most exclusive neighborhoods have exceeded 11,000 euros per square meter.