Land not depreciating is true, because unlike capital, it doesn't suffer entropy for all intent and purpose. Compare that to a car, which is forever basically a depreciating asset.

Also, Netherland did not create land, because ocean is a type of land. They merely improve the land to the point that it can be used by people walking around, but that also preclude the ocean to be used by other means such as aquaculture and building coral reefs which can be used to provide ecosystem services and sustenance to humans.