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Zakat is not obligatory on land or a house purchased with the intention of residence. Similarly, Zakat is not obligatory on the value of a shop purchased with the intention of conducting business. If no intention was made at the time of purchasing the property (whether to sell it or use it for residence), then Zakat is also not obligatory on it.
However, if the property was acquired with the intention of trade, meaning to sell it for profit, then Zakat is obligatory on all such properties if their value is equivalent to the Nisab (the minimum amount liable for Zakat). Each year, 2.5% of their current value must be calculated and paid as Zakat.
If the property is rented out, Zakat is not obligatory on the property's value. However, if the rental income accumulates and the property owner is already a Nisab holder, or if the accumulated rent equals or exceeds the value of 52.5 Tolas of silver, then it is obligatory to pay Zakat on it annually. If the rental income is spent and not saved, then there is no Zakat on that rent.