Sales of private homes in Singapore fell by 64% in August to the lowest level in six months, Bloomberg reports. It seems that governmental measures to cool country’s property market started to have effect.

Developers sold 616 units last month compared with 1724 in July. Such big decline is also explained by too high sales in July, as buyers rushed to buy property ahead of new measures.

Singapore took new steps to cool the market after house prices grew more than 7% in the first half of this year.

According to new rule, individuals who take mortgage loan for the first time encountered tighter borrowing conditions, which imply higher upfront payment. Stamp duty for foreigners buying property in Singapore was increased from 15% to 20%.