Lands intended for trade are treated

Fatwa no. 1346 Praise be to Allah Alone; to commence: The Permanent Committee for Scholarly Research and Ifta' has perused the request for Fatwa sent by his Eminence, the judge of Al-Jamsh Court in the letter No.1019 on 2/7/1369 A.H. with regard to his question about Zakah on land shared by some people. Does it have the same ruling as articles of merchandise or fixed real estate?

After having studied the request, the answer of the Committee comes as follows: If a person owns real estate with the intention of doing business whether it is a joint property or entirely possessed by him then the ruling on articles of merchandise applies to it. (Part No. 9; Page No. 326) So Zakah has to be paid on its value if it reaches the Nisab (the minimum amount on which Zakah is due) and has remained in his possession for one year. To estimate the value of real estate after it remains in your possession for one year, you may resort to experts in this field, and Allah knows best!May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.