Fine Gael TD Neale Richmond has called for stamp duty on bulk purchases of new houses to be doubled to 20%.
In 2021, the Government introduced a 10% tax on institutional investors buying more than ten homes in the same development within 12 months.
Speaking on RTÉ This Week, the Minister of State said the measure should be introduced either in the upcoming budget or in the Fine Gael manifesto.
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He said the stamp duty has worked to an extent, but it could do more.
"I do believe things have changed and we have seen an increase in data and representations into our office and more and more people citing this being an issue."
Mr Richmond said he had spoken to Taoiseach Simon Harris about the proposal but he had not raised it yet with Minister for Finance Jack Chambers, but said he would do so this week.
Read more: Jack Chambers faces high stakes Budget negotiations
The Government opposed a Sinn Féin proposal earlier this year to increase the tax to 17%.
Earlier this year, the Taoiseach said there should be a review into the effectiveness of the tax.
Mr Richmond said: "This is about delivering more homes for Irish people to own ... completions are going up a massive amount, we need to ensure those homes are going to Irish people to own themselves.
"We are a party that believes that people should own their home and also own the land under it unlike other parties."
Mr Richmond's proposal was first reported in the Sunday Times newspaper.
Sinn Féin's Spokesperson on Finance Pearse Doherty dismissed Mr Richmond's proposal.
He said it was a "desperate attempt ahead of an election to try to get the electorate to forget the damage they have done with vulture funds buying up properties under the noses of first time buyers".
Mr Doherty said that Fine Gael has had 13 years to sort out the problem. However, he said the party had instead "rolled out the red carpet to vulture funds".
A spokesperson for Minister for Housing Darragh O'Brien said the 10% stamp duty levy on the cumulative purchase of ten or more residential homes in a 12-month period is being kept under review and that the minister will assess any proposals brought forward by the Department of Finance.
A spokesperson for Minister Jack Chambers said that he will discuss "all budget-related matters with party leaders in the coming days and weeks".
"The Department of Finance has conducted a review of stamp duty for bulk purchases which will be considered by the Minister for Finance and Government ministers in the coming period," the spokesperson said.
"As budgetary negotiations are ongoing it would be inappropriate to comment until such matters have concluded. Budget 2025 will be delivered on 1 October."
