Yes, dumping and loading the repository is a way to go. Copying the repository folder directly is a viable option if, and only if, you are certain nobody will be accessing the repository while the copy process is in progress (or you can do a “hot copy” of the repository, which can handle these cases in a safe manner).
You will also need to either re-checkout all your working copies, or use the svn switch command, which merely rewrites URLs. A more convenient way is to use TortoiseSVN’s Relocate command, which reduces the risk of making a mistake during the relocation process.