Even if we limit our discussion to housing and its utilities with/without financing, more in-depth research is necessary. From gereneral intuition, housing without financicng can not be imagined wheter it is in developing countries or in developed countries. What is making matters more complicated is that the problem in developing countries is that even scarce financing is preoccupied by small number of people, which not only bids up the price of housing but also makes other majority of people want to easy access to more financing opportunity. In that sense, at the developmental stage, enhancing the level of access to finance can increase overall returns. It's just from my intuition.