Is Zakat due on a property purchased for a future need to buy a home and for investment?

If a person buys a property with the intention of preserving wealth, investing, and selling it in the future, Zakat becomes obligatory on it due to the intention of selling at the time of purchase.

The method of calculating its Zakat is to determine its market value after one lunar year has passed since its purchase, and to pay one-quarter of one-tenth (two and a half percent) of its value each year.