Singapore’s property stamp duty collections dropped 12% to S$5.95 billion ($4.42 billion) in the financial year ended March 2023, the Business Times reported Monday, citing government data.

The fall, which came after a record S$6.76 billion was collected in the 2021 fiscal year, was due to lower transaction volumes amid tighter supply, the newspaper said, citing analysts.

Authorities in the city-state have introduced several curbs in the last few years to cool the market, including an increase in stamp duties for second-home buyers and foreigners purchasing private property that kicked in this April.