Local and foreign investment in South Korean real estate dropped by nearly a third in the first three months of the year as Seoul announced plans to remove tax perks granted to the most common ­investment vehicles used by institutional investors.In the first quarter of the year, total foreign and local investment declined 31 per cent to US$4.44 billion from US$6.47 billion in the same period last year, data from Real Capital Analytics showed.Under the country’s current tax regime, real estate…