I’m surprised you don’t expect any effect on real estate. I would expect it to be greatly affected by such a transformation, although I’m not sure in which direction.
If unemployment skyrockets because AIs can do everything that most humans can and cheaper, then fewer people would have to live in cities, potentially leading to crashing house prices in cities. The same could also happen if working from home becomes the norm due to VR. On the other hand, if human employment stay high, and productivity increases and we still have to be physically at work, then city real estate prices would likely increase with productivity.
Disclaimer: I have almost no track record in active investing, so don’t take anything I say too seriously.
A related thought I’m having: assuming we have a scenario where personal finances still matters, am I better off keeping my real estate loan and my stocks or is it better to sell 3⁄4 of my stocks to pay off my loan? I’m particularly worried about a scenario where AIs mean that I (and presumably most other people) will be unemployable. My loan is fixed rate.