State-owned bank Banco Hipotecario del Uruguay (BHU) will begin a new program to sell apartment units. A bidding system will replace the current system where the bank client who arrived first can obtain the apartment. BHU president Jorge Polgar said that the institution will no longer construct new buildings to avoid bad business deals.

In addition, clients will no longer have to go to the bank to get information about units, as details will be published on the web. BHU clients can access financing for apartments, while non-clients must pay in cash.

Between 10 and 20 apartments are currently for sale and cost between USD 45,000 and 100,000. The new bidding system attempts to reduce paperwork and perform transactions with greater transparency.

(El Espectador, 3 July 2009)