A South Korean provincial government put the official land value of Dokdo, a pair of rocky islets in the East Sea, at 5.93 billion won ($5.49 million) as of Jan. 1, 2018, up 9.17 percent from a year ago.

The land price of Dokdo, which was 5.43 billion won last year, has steadily risen over the past decade, according to the government of North Gyeongsang Province, which annually updates land values of all public and private properties in its vicinity.

In South Korea, the actual market prices of land are far higher than the government-announced prices.

Dokdo has 101 lots on the eastern and western islets, which together measure 187,554 square meters, the government said.

The authorities' announcement of official land price for Dokdo began in 2000. In 2004, the value was put at 267.6 million won before rising to 1.08 billion won in 2010 and 2.38 billion won in 2013.