The Impact of AI on the Luxury Property Market
Last month, LA London Associate Miruna Stroe was invited to join a panel of experts for the Luxury Property Forum’s webinar on AI and its impact on the luxury property industry.
Leading figures from the worlds of real estate, interior design and home technology – including Jonny Cox, founder of Lightfield London and LA London collaborator – discussed the latest developments in artificial intelligence and the opportunities and challenges for the world of prime property.
The panellists were:
Peter Swain, AI Educator and Futurist
Claire Reynolds, Managing Partner, UK Sotheby’s International Realty
Miruna Stroe, Associate & Quality Manager, LA London
Sanjay Sharma, Managing Director, Interiors with Art
Billy Casey, Operations Manager, Angel O’Donnell
John Fitzpatrick, Technical Services Director, Cornflake
Jonny Cox, Founder, CEO and CCO, Lightfield London
Hoss Gifford, Chief Technology Officer, Property Platform
Mark Bower, Executive Creative Director, Woven Agency
Here are Miruna’s reflections on how we currently use AI and its impact on the industry at large.
Improving efficiency
Miruna outlined the two main ways in which we use AI at LA London: firstly for visual exploration and secondly to improve efficiency. She observed that new tools are enhancing our design efficiency and creativity, emphasising how, as an industry, architecture has historically been quick to embrace new technology.
Our existing design software, Archicad, rapidly integrated an AI generation model based on Stable Diffusion. This allows us to quickly provide a range of conceptual images for our clients, enhancing them using tools like MidJourney and DALL-E.
On the efficiency front, AI has been integral to streamlining our workflows and supporting documentation. Miruna compared it to a very capable assistant who is always available. For example, we recently needed to evaluate a client’s fire strategy for a listed building in London, and ChatGPT provided a very smart comparison between ADB, the statutory guidance for Building Regulations, and BS:9991, the non-statutory British Standard.
Customising solutions
As with many businesses within the luxury property market, LA London works with HNWIs who expect a high degree of customisation. Before committing to a potentially expensive solution, clients like to explore multiple options.
AI allows us to fulfil this demand for customisation by providing fast and precise design iterations, experimenting with layouts, materials and spatial configurations.
Above: a screen shot from the model of a project (left) and two variations of interior renders produced by ChatGPT.
Evaluating sustainability
Integrating real data information into the design phase also means we can more accurately evaluate energy efficiency or material sustainability to assess the environmental impact of our solutions.
Many AI tools that have been designed to assess a building’s environmental credentials are still at the experimental stage, but we are looking forward to following their development and using them once they become widely available.
Quality control
Asked how we evaluate and quality-check rapidly evolving systems and technology, Miruna explained that for every piece of planning documentation we produce, there is a person checking it. We don’t rely on automated output: we have a stringent quality-control process in place.
By way of example, Miruna mentioned LA Surveys, our own in-house surveying arm, which provides 3D measured surveys conducted by architects. For each AI-enhanced model we produce, there is verified data from the survey that grounds it in reality.
Ethical considerations
Our host Priya Rawal also asked Miruna about the ethical implications of AI in building design. Miruna acknowledged a fear around job stability, with architects concerned about being replaced as AI becomes more powerful.
However, she pointed out that similar fears existed around previous new software and technology like Archicad and BIM (Building Information Modelling). These tools didn’t diminish the number of architects required, just as AI optimises our output, but doesn’t replace human creativity.
Miruna also observed that luxury property design relies on an intuitive understanding of context and culture, as well as personal connections with our clients. We should treat AI not as a competitor, but as an extremely helpful assistant.
Thank you to the Luxury Property Forum for inviting Miruna to take part in this highly informative and thought-provoking discussion.