A key safe having a shackle to secure the key safe to a door knob or the like and a first locking means associated with the shackle to allow installation and removal of the key safe. The key safe has an interior chamber accessed through a removable cover secured by a second locking means independent of the first locking means. Thus the owner or occupant of a premises can provide limited access to the premises for a real estate agent or other authorized person by installing the key safe on the exterior of a door to the premises with a key to the premises contained therein.