Speculative buying is on the rise in Hong Kong's suburbs as investors snap up units in Tin Shui Wai and Tuen Mun. Property agents said the number of short- and long-term investors in the secondary market started climbing a few months ago when banks began offering 95 per cent mortgages for second-hand flats. Midland Realty executive director Victor Cheung Kam-shing said speculators' initial targets were properties in urban areas valued at under $3 million but the focus had shifted in the past two weeks to properties in the New Territories, where values lagged behind those in urban areas. Centaline Mortgage Brokerage associate director Alex Tang Yee-man said suburban flats cost less at $1 million to $2 million. 'Many people can afford this,' he said. 'With the provision of 95 per cent mortgages, you need a down payment of just $50,000 for a $1 million flat. That easily draws confirmors, or speculators.' Confirmors are buyers who resell their properties before they sign the formal sale and purchase agreement. 'Even if property prices fall 15 per cent before the completion of the deal, you've only lost a very small amount of money,' Mr Tang said. An investor recently bought eight apartments in Kingswood Villas in Tin Shui Wai for $12 million, according to Centaline Property Agency. The agency said 220 transactions were completed at Kingswood Villas last month compared with 92 in January. Mr Cheung said buying interest was also seen in Tuen Mun as secondary market activity picked up strength.