The effects of the U.K. vote to leave the European Union are starting to ripple through property markets as investors pile out of publicly traded real-estate companies in Britain and Europe and global developers begin to reassess projects and transactions already in the pipeline.

Listed companies have lost tens of billions of dollars of value amid growing fears of slack demand for office buildings, hotels, stores and other property in a less-integrated Europe. Weakening credit markets, meanwhile, are likely to hamper deals in the industry, which relies heavily on free-flowing debt.

The news isn’t bad for all property owners. While London’s commercial and residential markets are likely losers because the city is expected to shed jobs, office and residential landlords in other cities—such as Frankfurt, Paris, Dubai and Singapore—could benefit if companies relocate operations there, according to analysts and developers.

Top industry players say it likely will take years for the full impact to be felt in property markets.

But opportunistic investors already have begun to circle, remembering well the outsize profits fast-moving buyers made in the aftermath of the last two recessions. “Turmoil is an opportunity,” said Hamid Moghadam, chief executive of Prologis Inc., Europe’s largest owner of industrial space.