The first time I saw it I fell in love with it. I thought it was pronounced, "EEL-vah."
But then the poster who goes by
Ylva once told us that in Sweden it is pronounced, "OOL-vah" or "ULL-vah." Or something close to that. (Probably very similar to what you say.) So it went down a notch in my estimation. But it's still a great name.