Is zakat obligatory on an apartment sold with these details, and how and when is zakat calculated and paid?

Zakat (definition) is obligatory on an apartment if the intention behind its purchase was for trade. The property is appraised at its market value when a full year has passed on the money with which the apartment was purchased, and Zakat of 2.5% of its value is to be given. If the apartment is sold, Zakat is to be paid on the cash and deferred amounts when a full year has passed. However, if the intention behind the purchase was for personal use or was undecided, then there is no Zakat on it unless it is sold, in which case the year for Zakat calculation on the price begins from the time of sale.