如山 has a very good discussion.
I want to point it out from a different angle: an apple to apple comparison.
Each house is like an individual stock.
Some stocks/REIT will give you very good performance. But you have to pick it right at beginning, not ten years later. You could pick one that delisted in 08-09 and never come back. So you need skill to trade/find good REIT/stocks
Some houses can give you very good return on your initial investment (>20%). Some are terrible. Most real estate investors will have such experience. So you need skill to pick the right properties.
To compare apple to apple, you need compare individually (stock vs single property) or index to index. If you think it is not a fair comparison, you can think any individual owner as a REIT company. Amount those companies, you can find JY101 or 如山 who has very good performance in their life time. Of cause, you also can find someone that quit from real estate. That just like individual mutual fund/REIT. Some give super return, and some go under.
If you agree with the comparison, you will realize that your investment depends on your skill. If you are good at pick stock/REIT, then do so. If you trained yourself in Real estate, you would like it better. Miat is the one like both. :-) And many others on this board touched both stock market and real estate market. Everyone will give their view based on their experience. (Just like one touches a part of elephent and tell his/her story.)
Conclusion: no conclusion. The difference is your skill/training/experience!
