The article claimed that Luxembourg’s housing shortage is set to worsen as refugee UK banks and bankers, with families in tow, seek a European base.

“These days, all neighbourhoods in Luxembourg are being explored,” Julien Pillot of the real estate agency Inowai told Bloomberg. “That includes the seedy area of the nation’s capital dubbed Luxembourg City’s answer to the Bronx.”

Pillot was referring to the neighbourhood near the central train station.

Luxembourg has already become the location of choice for several insurers, funds and banks relocating from the UK as it prepares to leave the EU.

It estimated that an additional 3,000 jobs could be created as an increasing number of companies elect to make Luxembourg their European foothold, the Bloomberg story said.