Is Zakat obligatory on land purchased for trade, and what is its amount, and is it calculated at the purchase price or the offered selling price?

Land purchased with the intention of trade is subject to Zakat (definition) by appraising it each time a year passes, and 2.5% of its market value at the time the year is complete must be given. This is based on the hadith (definition) narrated by Samurah ibn Jundab (may Allah be pleased with him): "The Messenger of Allah (peace be upon him) used to command us to give charity from what we prepared for sale." Scholars have unanimously agreed on the obligation of Zakat on trade goods if a year has passed over them.