Is zakat obligatory on land that was purchased with the intention of selling it, but became stagnant and remained so for ten years?

Zakat (definition) is obligatory on land purchased with the intention of selling it when its price increases, because it is considered a trade commodity. These commodities are appraised at the end of the year according to their current market value, and their Zakat is paid at a rate of two and a half percent (one-quarter of one-tenth).

If someone buys land for profit and keeps it for several years, waiting for its price to rise, they must pay Zakat on it every year based on its market value. If they do not have the money to pay the Zakat, they should record the annual Zakat due on them and pay it all at once when the land is sold.