Is Zakat due annually on the value of an apartment contracted for investment purposes before its actual receipt?

Zakat is not obligatory on real estate purchased with the intention of renting it out, except for its income, if it reaches the nisab. As for real estate purchased with the intention of selling it, it is considered a trade commodity, and zakat is obligatory on its value at one-quarter of one-tenth (2.5%) upon the completion of a hawl (lunar year). If the apartment is under construction and cannot be received until after several years, then its zakat is paid upon its receipt for one year. However, if you are hesitant between renting and selling, then there is no zakat on its value.