Is zakat obligatory on a plot of land that was purchased with the intention of preserving wealth, with the possibility of selling it later to buy a house?

If you intend to preserve money in land and do not intend to sell it and profit from it, then there is no Zakat due on it. Sheikh Ibn 'Uthaymeen, may Allah have mercy on him, said that if a person intends to profit from the land, then Zakat is due on it because it becomes a trade. However, if he does not intend to profit, but rather intends to erect a building on it to rent out or reside in, or he wishes to preserve his money in it and does not intend profit, then there is no Zakat due on it.