(Bloomberg) -- Hong Kong’s secondhand home prices dropped the most in eight months as property developers lured buyers to the primary market with a series of new projects at competitive prices.

Home values fell 1.5% in the week ended April 7 compared to a week prior, the largest decline since August, according to data from Centaline Property Agency Ltd. That marks a reversal from the consecutive price growth in the previous three weeks, following the Hong Kong government’s removal of property curbs.

Read more: Hong Kong Homebuyers Flock to New Projects, Shunning Used Flats

New residential projects with low prices have attracted much attention lately, leading to fewer sales in the secondary market, Centaline said in a statement. 

For instance, earlier this month CK Asset Holdings Ltd. sold more than 200 units in its new Blue Coast project in just five hours, after the apartments were oversubscribed by more than 50 times. Prices were at least 20% lower than nearby competitors.

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