1. A method of producing a multiferroic thin film material, said method comprising the following steps: a. providing a precursor solution including a Bismuth solution and an Iron Nitrate solution; b. spin casting the precursor solution; c. heating the spin cast precursor solution such that the Bismuth solution and the Iron Nitrate solution react to form a multiferroic Bismuth Ferrite (BiFeO 3 ) film; d. forming the BiFeO 3 nanocrystals in a perovskite structure having Fe atoms located at B-sites in the perovskite structure; e. substituting magnetic metal atoms having a higher valency than Fe for the Fe atoms located at the B-sites in the perovskite structure, to maintain neutrality and insulation of the BiFeO 3 film; and f. wherein the BiFeO 3 film exhibits as substantially uniform arrangement of BiFeO 3 nanocrystals capable of magnetoelectric coupling at room temperature.