Work on what would have been the world’s tallest building, standing more than 1km high, has been put on hold for at least a year.

In a move that suggests the property bubble has finally popped in Dubai, government-owned developer Nakheel said it was halting “further work” on the building’s foundations.

It is not known just how much work has already been completed.

“This is part of our readjustment of our immediate business plans to better reflect the current market trends and match supply with demand,” Nakheel said in a statement.

It is a bitter blow for the firm, which has also downed tools on the Trump Tower and International Hotel in December and delayed work on projects including Frond N villas, Gateway Towers and schemes at the Waterfront and the Palm Jebel Ali.

The New York Times says the world’s hottest property market – Dubai – has gone cold and that this could be the beginning of a big property slide in the emirate.

Nakheel Tower

Nakheel Tower (Nakheel/PA Wire)