Paradise and Hell are both created; they will never vanish or cease to exist.
Among the manifestations of the Day of Resurrection is that Paradise will be the dwelling place of the God-fearing, while Hell will be the home of the criminals. Concerning Paradise Allah says, “prepared for the God-fearing” (Āl ʿImrān 133), and concerning Hell He says, “prepared for the disbelievers” (al-Baqarah 24). Thus the two abodes are everlasting; they are the final station and the ultimate destination. Indeed, Allah—exalted be He—created Paradise and Hell before creating humanity and apportioned inhabitants for each of them.
Paradise and Hell exist at this very moment; this is the creed of Ahl al-Sunnah wa-l-Jamāʿah. Allah says, “prepared for the God-fearing,” and He says, “prepared for the disbelievers.” The verb “prepared” is in the past tense. On one occasion the Prophet ﷺ was sitting with his Companions when they heard a heavy thud—as though something had fallen. He asked, “Do you know what that was?” They replied, “Allah and His Messenger know best.” He said, “That was a stone that was hurled into Hell seventy autumns ago, and it has only now reached its bottom.” (1) This shows that Hell has already been created.
The Prophet ﷺ also spoke about heat and cold, saying, “Hell has two breaths: one in winter, which produces the severest cold you experience, and one in summer, which produces the fiercest heat you feel.” (2) He further said, “When the heat becomes intense, then postpone…”