Is zakah obligatory on land not prepared for trade?

The questioner:
May Allah reward you. The questioner says: I accumulate a sum of money and buy land with it whenever I have a sum, and it is not my intention to trade in it, but rather I buy it to preserve the money. Is there zakah on it every year, or only when I sell it?

The Shaykh:
May Allah reward you. First, the money you accumulate: if a lunar year passes over it, you pay zakah on it, even if you intend to spend it on something; you pay zakah on it when a lunar year passes over it. Second, if you buy land or a house for the purpose of investment or renting it out, then there is no zakah on the property itself, but there is zakah on the rent if you are renting it out. If you do not intend to rent it out, but intend to keep it for ownership and residence, then there is no zakah on it. Yes.

The presenter:
May Allah reward you, and this is the last question.

The Shaykh:
If it is for sale, then the zakah is on its value; you appraise it and pay zakah when a lunar year passes over it after the intention. Yes.