But don't you agree that the reason an area would increase in value (which often converts to the monetary type) to a lot of people is because it holds some sort of importance to them?
Whether it be intellectual importance, industrial importance, creative importance, etc
To wrap the varied values of an area up into a single word - 'importance' - is a gross oversimplification to the extent that it can even be considered incorrect.
It is expensive. That's different from important.