diff --git a/sqlmodel/main.py b/sqlmodel/main.py
index 9a1a676775..95b1f5911a 100644
--- a/sqlmodel/main.py
+++ b/sqlmodel/main.py
@@ -37,6 +37,8 @@
     inspect,
 )
 from sqlalchemy import Enum as sa_Enum
+from sqlalchemy.ext.associationproxy import AssociationProxy
+from sqlalchemy.ext.hybrid import hybrid_method, hybrid_property
 from sqlalchemy.orm import (
     Mapped,
     RelationshipProperty,
@@ -809,7 +811,14 @@ class SQLModel(BaseModel, metaclass=SQLModelMetaclass, registry=default_registry
     __name__: ClassVar[str]
     metadata: ClassVar[MetaData]
     __allow_unmapped__ = True  # https://docs.sqlalchemy.org/en/20/changelog/migration_20.html#migration-20-step-six
-    model_config = SQLModelConfig(from_attributes=True)
+    # SQLAlchemy descriptors (hybrid_property, hybrid_method, association_proxy)
+    # are not Pydantic fields. Pydantic v2 otherwise raises ``PydanticUserError``
+    # ("A non-annotated attribute was detected") when they appear in a class body
+    # without a type annotation -- see https://github.com/fastapi/sqlmodel/issues/299
+    model_config = SQLModelConfig(
+        from_attributes=True,
+        ignored_types=(hybrid_property, hybrid_method, AssociationProxy),
+    )
 
     # Typing spec says `__new__` returning `Any` overrides normal constructor
     # behavior, but a missing annotation does not:
diff --git a/tests/test_hybrid_property.py b/tests/test_hybrid_property.py
new file mode 100644
index 0000000000..704f498978
--- /dev/null
+++ b/tests/test_hybrid_property.py
@@ -0,0 +1,110 @@
+"""Tests for SQLAlchemy descriptor compatibility with SQLModel metaclass.
+
+Regression tests for https://github.com/fastapi/sqlmodel/issues/299:
+
+  Declaring a ``sqlalchemy.ext.hybrid.hybrid_property`` (or ``hybrid_method``)
+  directly on a ``SQLModel`` class with ``table=True`` raises
+  ``pydantic.errors.PydanticUserError: A non-annotated attribute was detected``
+  because Pydantic v2 inspects every non-dunder attribute on the class body and
+  expects an annotation.  ``hybrid_property`` is a SQLAlchemy descriptor, not a
+  Pydantic field, so the SQLModel metaclass must tell Pydantic to skip it via
+  ``model_config["ignored_types"]``.
+"""
+
+from datetime import datetime
+
+from sqlalchemy.ext.associationproxy import association_proxy
+from sqlalchemy.ext.hybrid import hybrid_method, hybrid_property
+from sqlmodel import Field, Session, SQLModel, create_engine
+
+
+def _make_engine():
+    return create_engine("sqlite:///:memory:")
+
+
+def test_table_model_allows_hybrid_property(clear_sqlmodel):
+    """A ``hybrid_property`` defined on a ``table=True`` model must not crash
+    class construction and must be callable at the instance level."""
+
+    class Span(SQLModel, table=True):
+        id: int | None = Field(default=None, primary_key=True)
+        start: datetime
+        end: datetime
+
+        @hybrid_property
+        def duration_seconds(self) -> float:
+            return (self.end - self.start).total_seconds()
+
+    engine = _make_engine()
+    SQLModel.metadata.create_all(engine)
+    # The hybrid attribute must not be turned into a SQL column.
+    assert "duration_seconds" not in Span.__table__.columns
+
+    with Session(engine) as session:
+        span = Span(start=datetime(2024, 1, 1), end=datetime(2024, 1, 2))
+        session.add(span)
+        session.commit()
+        session.refresh(span)
+        assert span.duration_seconds == 86400.0
+
+
+def test_table_model_allows_hybrid_method(clear_sqlmodel):
+    """A ``hybrid_method`` must not raise during class construction."""
+
+    class Box(SQLModel, table=True):
+        id: int | None = Field(default=None, primary_key=True)
+        width: int
+        height: int
+
+        @hybrid_method
+        def area_at_least(self, threshold: int) -> bool:
+            return (self.width * self.height) >= threshold
+
+    engine = _make_engine()
+    SQLModel.metadata.create_all(engine)
+    assert "area_at_least" not in Box.__table__.columns
+
+    with Session(engine) as session:
+        box = Box(width=4, height=5)
+        session.add(box)
+        session.commit()
+        session.refresh(box)
+        assert box.area_at_least(10) is True
+        assert box.area_at_least(100) is False
+
+
+def test_table_model_allows_association_proxy(clear_sqlmodel):
+    """An ``association_proxy`` declared without an annotation must not raise.
+
+    The proxy itself does not need to be functional for this regression test;
+    its presence used to crash the metaclass in Pydantic v2 because
+    ``AssociationProxy`` has no type annotation.
+    """
+
+    class Item(SQLModel, table=True):
+        id: int | None = Field(default=None, primary_key=True)
+        label: str
+        # ``association_proxy`` is also a non-annotated SQLAlchemy descriptor.
+        # We do not need a working relationship to assert the metaclass does
+        # not blow up at class-body time -- that is the regression.
+        legacy_alias = association_proxy("label", "label")
+
+    engine = _make_engine()
+    SQLModel.metadata.create_all(engine)
+    assert "legacy_alias" not in Item.__table__.columns
+
+
+def test_non_table_model_allows_hybrid_property(clear_sqlmodel):
+    """The fix must also work for ``table=False`` (plain Pydantic) models so
+    that mix-ins shared between table and non-table classes do not break."""
+
+    class HasArea(SQLModel):
+        width: int = 0
+        height: int = 0
+
+        @hybrid_property
+        def area(self) -> int:
+            return self.width * self.height
+
+    instance = HasArea(width=3, height=4)
+    assert instance.area == 12