Is zakat due on the value of land purchased for the purpose of ownership and long-term benefit, with no fruit-bearing trees on it, and if it is due, what is its percentage?

If a Muslim purchases land with the intention of selling it later for profit, zakat (definition) is obligatory on its value if a complete lunar year (hawl) passes over it. Its hawl is calculated from the date of purchase, provided that its value reaches the nisab (definition), either on its own or by combining it with other assets. Zakat is estimated at 2.5% of its market value at the time the hawl is due. However, if the land was purchased with the intention of acquiring it for personal use, or if the owner is undecided about trading in it, then no zakat is due on it.