Lee Junseok: "Halving Commercial Land Ratio in New Towns... Will Break the Vacancy Cycle"

Lee Junseok, the presidential candidate of the Reform New Party, pledged on May 27 to address the issue of long-term commercial vacancy by reducing the proportion of commercial land in new town developments to less than half of the current level.

In an explanatory statement released on the same day, Lee stated, "We will allow changes in the use of long-term vacant commercial properties, such as converting them into residential facilities, shared offices, youth startup spaces, or cultural facilities, to encourage transitions based on actual demand."

Lee pointed out, "The problem of prolonged commercial vacancies is particularly serious in new town areas such as Dongtan, Misa, Wirye, and Sejong. The overall commercial vacancy rate in the Seoul metropolitan area exceeds 10%, and in some regions, it is as high as 20% or more."

He further criticized, "Within housing development districts, excessive designation of commercial land for the purpose of increasing local government revenues has led to high-priced sales being repeated. Individual buyers who purchase commercial units for their livelihoods are suffering a double hardship, as they receive no rental income due to long-term vacancies and also face a decline in property value."

Candidate Lee Junseok Visiting Suwon Station Rodeo Street (Suwon=Yonhap News) Photo by Hong Giwon = Lee Junseok, the presidential candidate of the Reform New Party, is greeting citizens on May 24 at Suwon Station Rodeo Street in Paldal-gu, Suwon-si, Gyeonggi-do. 2025.5.24 xanadu@yna.co.kr (End)

Accordingly, Lee stressed, "We will adjust the proportion of commercial land in new town developments from the current 20% to 10%, and strengthen regulations on pre-screening of sales advertisements and on sales agencies."

He also explained, "For the sale of commercial facilities above a certain size, advertisements will be subject to pre-screening by the Korea Real Estate Board, and local governments will be able to approve or request revisions based on the screening results, thus establishing a dual review system." In addition, he added, "Local governments will be required to conduct surveys and disclose data on commercial vacancies in their areas, and transparently provide information such as actual transaction prices, vacancy rates, and floating population through public portals."

Lee stated, "Solving the vacancy issue is key to normalizing commercial districts in both new towns and existing housing development areas. We will make a tangible contribution to stabilizing the self-employment base and revitalizing local commercial districts, and public institutions will also directly participate in resolving vacancies to establish a responsible urban development structure."