What’s the land value of Dokdo of which sovereignty is fiercely disputed between Korea and Japan? The set of islets in the East Sea is estimated to be worth 1.09 billion won ($920,000), according to government data Sunday.
It marks a 6.3 percent gain from a year earlier, the Ministry of Land, Transport and Maritime Affairs said. It compares with a 3 percent average gain across the nation.
“The rise reflects the discovery of natural resources there and increased public interest following Japan’s territorial claim,” it said.
The number of tourists visiting the islets also rose thanks to eased access restrictions as part of the government’s move to reinforce the nation’s sovereignty over them.
The group of islets, which has been under effective control by South Korea since 1954, saw its land value rise following a recent discovery of methane hydrate deposits in nearby waters. Methane hydrate is seen as an alternative to fossil fuels.
Dokdo is not available for real estate transactions, but the government has been releasing its estimated value since 2002, when it was priced at 262 million won.
Land values are announced annually by the government for taxation purposes.
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