The tallest building in the world opens in Dubai for business this week. The Burj Dubai is at least 2,683 feet from base to tip – over half a mile high and more than 1,000 feet higher than it’s nearest rival, the Taipei 101.

The steel-ribbed, glass-clad structure also boasts the highest swimming pool in the world which is based on the 76th floor. There are plans for the world’s highest place of worship with a mosque on the 158th floor.  Read more... (258 words, estimated 1:02 mins reading time)

The saga of British expats being threatened with having their homes bulldozed continues after police turned up on the doorstep of around a dozen homes just before Christmas to serve them with demolition notices. The properties have been set for demolition in early spring unless a last ditch appeal succeeds.

The pair of Spanish homes in question are near Albox in Almeria in south-east Spain. The local town hall had initially issued building licenses for the properties however court action by a higher regional government led to the licenses being nullified.  Read more... (291 words, 1 image, estimated 1:10 mins reading time)

The Chancellor’s Pre-Budget report has hit holiday home owners. UK property investors who rent out their holiday home in the UK will no longer be able to offset the costs of that property against their tax bill.

The new rules look set to be introduced next April and will stop property investors with second homes from being able to write-off their mortgage interest and other maintenance bills as a business loss. Investors will also not quality for capital gains tax (CGT) relief, hitting those who will look to buy a new holiday home from the proceeds of other property sales.  Read more... (269 words, 1 image, estimated 1:05 mins reading time)

• Secure leaseback investment offers strong income stream in retirement
• Any income generated by the pension is tax-free
• No capital gains tax payable after 15 years

For the first time, Irish investors can place French leaseback properties into their pensions, whether small self-administered schemes, PRSAs (personal retirement savings accounts), Approved Retirement Funds, or company, executive and personal pension plans.

This significant new development brings considerable tax advantages to an already secure, long-term retirement planning product. For many Irish investors, it will be a welcome alternative to volatile stockmarket investments and increasingly expensive annuities.  Read more... (856 words, 1 image, estimated 3:25 mins reading time)

A flagship development on the paradise island of Fiji has turned out not to be such a paradise for some unlucky foreign property investors. Over 140 investors from a range of countries are thought to be owed millions by the Fiji Beach Resort & Spa.

Investors bought villas on the premise of guaranteed rent. Unfortunately, the Fiji Beach Resort & Spa started to have financial difficulties and the rent has not been paid for many months.

Although the resort continues to operate, receivers KordaMentha have been brought in to assess the situation. Their initial calculations show that investors are owed around FJ$2.1 million ($1.5 million).  Read more... (110 words, 1 image, estimated 26 secs reading time)

Celebrities are not immune from the Dubai property crisis with big names such as footballer David Beckham and actor Brad Pitt thought to have lost large sums of money as their properties plummet in price.

Nakheel, the island’s developer, and it’s parent company Dubai World are said to have made a request to suspend debt repayments. The request demonstrates the problems in the Dubai property market as Dubai World were one of the key driving factors behind the property boom in the area in the last few years. They have now asked creditors to give them some leeway on the $59 billion loans they have.  Read more... (220 words, 1 image, estimated 53 secs reading time)

Foreign construction firms have revealed that they are owed billions in unpaid invoices from Dubai property firms.

Some Japanese companies have said that they are owed so much money that they are starting to struggle. According to Otsuka, an Abu Dhabi based newspaper, among those companies affected are Mitsubishi Heavy Industries Ltd and Taisei Corp.

Dubai property development firms have struggled in recent months after the global economy took a beating, helping cause the property bubble in Dubai to burst. The Dubai property market has seen mortgage lending slump, property prices slump up to 50 percent in some areas, and a lack of people looking to buy.  Read more... (178 words, 1 image, estimated 43 secs reading time)