Is zakat obligatory on a vacant plot of land that was purchased in installments with the intention of building residential and investment properties, knowing that its price has not been fully paid and the buyer owns a financial balance on which he pays zakat?

If a Muslim buys land for the purpose of residence and utilization, not for trade, there is no zakat (definition) due on it, because it is among the assets acquired for personal use. A Muslim does not owe zakat on what he acquires of houses, furniture, and cars, based on the hadith (definition): "There is no sadaqa (zakat) on a Muslim's slave or horse." If the land is actually invested, then the zakat is due on its produce.